Investing.com - The pound was little changed against the U.S. dollar on Wednesday, as investors remained cautious ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday, and amid uncertainty over European Central Bank plans to stem the region’s debt crisis.
GBP/USD hit 1.5803 during European morning trade, the session low; the pair subsequently consolidated at 1.5816, dipping 0.02%.
Cable was likely to find support at 1.5731, Tuesday’s low and resistance at 1.5868, the high of August 24,
Market sentiment has remained supported in recent weeks amid growing expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
Meanwhile, investors were anticipating a speech by Fed Chairman Ben Bernanke at an annual symposium in Jackson Hole, Wyoming on Friday, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Last week’s minutes of the Fed’s August meeting indicated that many policymakers may be leaning towards additional quantitative easing.
The outlook for the pound remained fragile as concerns over broad economic weakness kept alive expectations for another round of monetary easing by the Bank of England.
The pound was fractionally higher against the euro, with EUR/GBP dipping 0.04% to 0.7939.
Later in the day, the U.S. was to release revised data on second quarter economic growth, as well as industry data on pending home sales.
GBP/USD hit 1.5803 during European morning trade, the session low; the pair subsequently consolidated at 1.5816, dipping 0.02%.
Cable was likely to find support at 1.5731, Tuesday’s low and resistance at 1.5868, the high of August 24,
Market sentiment has remained supported in recent weeks amid growing expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
Meanwhile, investors were anticipating a speech by Fed Chairman Ben Bernanke at an annual symposium in Jackson Hole, Wyoming on Friday, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Last week’s minutes of the Fed’s August meeting indicated that many policymakers may be leaning towards additional quantitative easing.
The outlook for the pound remained fragile as concerns over broad economic weakness kept alive expectations for another round of monetary easing by the Bank of England.
The pound was fractionally higher against the euro, with EUR/GBP dipping 0.04% to 0.7939.
Later in the day, the U.S. was to release revised data on second quarter economic growth, as well as industry data on pending home sales.