Investing.com - The pound was almost unchanged against the U.S. dollar on Tuesday, amid guarded optimism that euro zone finance ministers would unlock a delayed aid installment for Greece at talks later in the session.
GBP/USD hit 1.5923 during European morning trade, the session high; the pair subsequently consolidated at 1.5906, inching up 0.01%.
Cable was likely to find support at 1.5834, the low of November 16 and resistance at 1.6018, the high of November 9.
The eurogroup of euro zone finance ministers was to hold talks in Brussels to discuss whether Greece can receive its next tranche of bailout funds.
Last week, Europeanleaders granted Greece an additional two years to cut its budget deficit, which resulted in a disagreement with the International Monetary Fund, as it will add to the country’s debt burden.
Market sentiment was dented on Tuesday after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook overnight, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The announcement did not come as a surprise to markets after Standard & Poor’s cut France’s rating in January.
Sterling was slightly higher against the euro, with EUR/GBP edging down 0.09% to 0.8044.
Later Tuesday, the U.S. was to publish official data on building permits and housing starts, while Federal Reserve Chairman Ben Bernanke was to speak at an event in New York.
GBP/USD hit 1.5923 during European morning trade, the session high; the pair subsequently consolidated at 1.5906, inching up 0.01%.
Cable was likely to find support at 1.5834, the low of November 16 and resistance at 1.6018, the high of November 9.
The eurogroup of euro zone finance ministers was to hold talks in Brussels to discuss whether Greece can receive its next tranche of bailout funds.
Last week, Europeanleaders granted Greece an additional two years to cut its budget deficit, which resulted in a disagreement with the International Monetary Fund, as it will add to the country’s debt burden.
Market sentiment was dented on Tuesday after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook overnight, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The announcement did not come as a surprise to markets after Standard & Poor’s cut France’s rating in January.
Sterling was slightly higher against the euro, with EUR/GBP edging down 0.09% to 0.8044.
Later Tuesday, the U.S. was to publish official data on building permits and housing starts, while Federal Reserve Chairman Ben Bernanke was to speak at an event in New York.