Investing.com - The pound held gains against the U.S. dollar on Monday, as market sentiment slightly improved after a positive meeting between French and German leaders on tighter fiscal coordination in the euro zone.
GBP/USD hit 1.5470 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5456, adding 0.19%.
Cable was likely to find support at 1.5361, the low of December 29 and resistance at 1.5525, the high of January 6.
After meeting with French President Nicolas Sarkozy in Berlin earlier, German Chancellor Angela Merkel said she was optimistic that the European Union will be able to sign off its fiscal pact by the end of January.
Merkel also warned Greece that it would not be possible to give further financial aid without swift progress on its second rescue package, including a voluntary write-down on Greek debt held by private creditors.
Monday’s talks were highly anticipated as European leaders failed last year to come up with effective solutions to end Greece’s financial woes and a widening sovereign debt crisis in the single currency bloc that is threatening the global economy.
Sentiment found support earlier after official data showed that German exports jumped 2.5% in November; unexpectedly increasing the trade surplus and easing concerns over a slowdown in Europe’s largest economy.
Meanwhile, concerns over the ability of troubled euro zone nations to fulfill their sovereign funding needs continued to weigh, ahead of government debt auctions by Spain and Italy later in the week.
Elsewhere, the pound was moderately higher against the euro with EUR/GBP edging down 0.06%, to hit 0.8241.
Also Monday, a report showed that investor confidence in the euro zone improved more-than-expected this month, but remained in negative territory for the sixth consecutive month.
GBP/USD hit 1.5470 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5456, adding 0.19%.
Cable was likely to find support at 1.5361, the low of December 29 and resistance at 1.5525, the high of January 6.
After meeting with French President Nicolas Sarkozy in Berlin earlier, German Chancellor Angela Merkel said she was optimistic that the European Union will be able to sign off its fiscal pact by the end of January.
Merkel also warned Greece that it would not be possible to give further financial aid without swift progress on its second rescue package, including a voluntary write-down on Greek debt held by private creditors.
Monday’s talks were highly anticipated as European leaders failed last year to come up with effective solutions to end Greece’s financial woes and a widening sovereign debt crisis in the single currency bloc that is threatening the global economy.
Sentiment found support earlier after official data showed that German exports jumped 2.5% in November; unexpectedly increasing the trade surplus and easing concerns over a slowdown in Europe’s largest economy.
Meanwhile, concerns over the ability of troubled euro zone nations to fulfill their sovereign funding needs continued to weigh, ahead of government debt auctions by Spain and Italy later in the week.
Elsewhere, the pound was moderately higher against the euro with EUR/GBP edging down 0.06%, to hit 0.8241.
Also Monday, a report showed that investor confidence in the euro zone improved more-than-expected this month, but remained in negative territory for the sixth consecutive month.