Investing.com - The pound rose to a six-week high against the U.S. dollar on Tuesday, as hopes that a deal on restructuring Greece’s debt will be reached this week bolstered demand for higher-yielding assets.
GBP/USD hit 1.5775 during European morning trade, the pair’s highest since December 21; the pair subsequently consolidated at 1.5767, gaining 0.37%.
Cable was likely to find support at 1.5698, the session low and resistance at 1.5826, the high of November 16.
Speaking at a European Union summit in Brussels, Greek Prime Minister Lucas Papademos said "significant progress” had been made in debt-swap talks with the country’s private creditors.
Papademos added that the talks will continue, with the aim of reaching a final agreement this week.
Meanwhile, EU leaders agreed on its fiscal union pact and signed off on the details of a EUR500 billion permanent bailout fund for the euro zone.
The pound also found support after a report showed that consumer confidence in the U.K. rose to its highest level in seven months in January.
The Gfk consumer confidence index rose 4 points from December to minus 29, the strongest reading since June, while consumers’ outlook for their personal finances and the economy also improved.
The pound was fractionally lower against the euro, with EUR/GBP inching up 0.04% to hit 0.8369.
Later in the day, the U.K. was to publish official data on net lending to individuals as well as data on mortgage approvals.
The U.S. was to release industry data on house price inflation, as well as a report on manufacturing activity in the Chicago region. The country is also to publish a report on consumer confidence.
GBP/USD hit 1.5775 during European morning trade, the pair’s highest since December 21; the pair subsequently consolidated at 1.5767, gaining 0.37%.
Cable was likely to find support at 1.5698, the session low and resistance at 1.5826, the high of November 16.
Speaking at a European Union summit in Brussels, Greek Prime Minister Lucas Papademos said "significant progress” had been made in debt-swap talks with the country’s private creditors.
Papademos added that the talks will continue, with the aim of reaching a final agreement this week.
Meanwhile, EU leaders agreed on its fiscal union pact and signed off on the details of a EUR500 billion permanent bailout fund for the euro zone.
The pound also found support after a report showed that consumer confidence in the U.K. rose to its highest level in seven months in January.
The Gfk consumer confidence index rose 4 points from December to minus 29, the strongest reading since June, while consumers’ outlook for their personal finances and the economy also improved.
The pound was fractionally lower against the euro, with EUR/GBP inching up 0.04% to hit 0.8369.
Later in the day, the U.K. was to publish official data on net lending to individuals as well as data on mortgage approvals.
The U.S. was to release industry data on house price inflation, as well as a report on manufacturing activity in the Chicago region. The country is also to publish a report on consumer confidence.