Investing.com - The pound held steady against the U.S. dollar on Monday, as the release of strong U.S. industrial production data lent support to market sentiment, while concerns over events in Crimea continued to weigh.
GBP/USD hit 1.6605 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.6644, inching down 0.01%.
Cable was likely to find support at 1.6568, the low of March 12 and resistance at 1.6742, the high of March 10.
Data showed that U.S. industrial production rose 0.6% in February, exceeding expectations for a 0.1% gain. Industrial production in January was revised to a 0.2% fall from a previously estimated 0.3% decline.
In a separate report, the Federal Reserve Bank of New York said its Empire State manufacturing index ticked up to 5.6 this month, from a reading of 4.5 in February, confounding expectations for a rise to 6.
Meanwhile, investors continued to monitor events in Europe, after over 90% of Crimean voters on Sunday chose to break with Ukraine and join Russia. Crimea's Parliament on Monday formally asked to join the Russian Federation.
European Union foreign ministers imposed travel bans and asset freezes on 21 people they have linked to the push to have Crimea secede from Ukraine to maybe be annexed by Russia. U.S. President Barack Obama also imposed sanctions on Russian officials involved in the incursion of Crimea.
Sterling was lower against the euro, with EUR/GBP edging up 0.14% to 0.8369.
Also Monday, official data showed that euro zone consumer price inflation rose 0.3% last month, below expectations for a 0.4% increase, after a 1.1% decline in January.
Year-on-year consumer price inflation rose 0.7% in February, compared to expectations for a 0.8% increase, after a 0.8% gain in January.
Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, rose 0.5% in February, after a 1.7% fall the previous month.