Investing.com - The pound fell to a six-day low against the U.S. dollar on Monday, as a combination of concerns over Greece’s debt swap deal with private creditors and slowing growth in China weighed on market sentiment.
GBP/USD hit 1.5787 during European morning trade, the pair’s lowest since February 24; the pair subsequently consolidated at 1.5799, shedding 0.21%.
Cable was likely to find support at 1.5721, the low of February 24 and resistance at 1.5844, the session high.
Investors remained wary ahead of the March 8 deadline for bondholders to join the agreement under which they will exchange their existing Greek holdings for government bonds in a swap deal.
A failure to agree on the swap would put the country back on the brink of a messy sovereign debt default.
Elsewhere, Chinese Premier Wen Jiabao cut the nation's economic growth target to 7.5% for 2012 earlier, down from a previous target of 8%, in order to allow the pace of economic expansion room to moderate if necessary.
The pound was fractionally higher against the euro, with EUR/GBP dipping 0.02% to hit 0.8335.
Later in the day, the U.K. was to publish data on service sector growth. Meanwhile, the U.S. was to produce government data on factory orders, while the Institute of Supply Management was to release a closely watched report on U.S. service sector growth.
GBP/USD hit 1.5787 during European morning trade, the pair’s lowest since February 24; the pair subsequently consolidated at 1.5799, shedding 0.21%.
Cable was likely to find support at 1.5721, the low of February 24 and resistance at 1.5844, the session high.
Investors remained wary ahead of the March 8 deadline for bondholders to join the agreement under which they will exchange their existing Greek holdings for government bonds in a swap deal.
A failure to agree on the swap would put the country back on the brink of a messy sovereign debt default.
Elsewhere, Chinese Premier Wen Jiabao cut the nation's economic growth target to 7.5% for 2012 earlier, down from a previous target of 8%, in order to allow the pace of economic expansion room to moderate if necessary.
The pound was fractionally higher against the euro, with EUR/GBP dipping 0.02% to hit 0.8335.
Later in the day, the U.K. was to publish data on service sector growth. Meanwhile, the U.S. was to produce government data on factory orders, while the Institute of Supply Management was to release a closely watched report on U.S. service sector growth.