Investing.com – The pound was down against the U.S. dollar on Tuesday, retreating from a four-day high, tracking the euro lower as concerns over the ongoing debt crisis in the euro zone weighed on risk appetite.
GBP/USD pulled away from 1.5598, the pair’s highest since September 21, to hit 1.5541 during early European trade, slipping 0.14%.
Cable was likely to find support at 1.5431, Monday’s low and resistance at 1.5746, the high of September 21.
Market sentiment was supported earlier by speculation that European leaders are examining ways to beef up the euro zone’s bailout find, the European Financial Stability Facility.
But concerns over a default by Greece weighed ahead of a vote on a new round of austerity measures by the Greek government later in the day. Greece is scrambling to meet fiscal targets in order to access an EUR8 billion tranche of aid by next month.
The pound was also lower against the euro, with EUR/GBP easing up 0.08% to hit 0.8701.
Also Tuesday, Bank of England policymaker Adam Posen was to speak, while the U.S. was to produce data on consumer confidence.
GBP/USD pulled away from 1.5598, the pair’s highest since September 21, to hit 1.5541 during early European trade, slipping 0.14%.
Cable was likely to find support at 1.5431, Monday’s low and resistance at 1.5746, the high of September 21.
Market sentiment was supported earlier by speculation that European leaders are examining ways to beef up the euro zone’s bailout find, the European Financial Stability Facility.
But concerns over a default by Greece weighed ahead of a vote on a new round of austerity measures by the Greek government later in the day. Greece is scrambling to meet fiscal targets in order to access an EUR8 billion tranche of aid by next month.
The pound was also lower against the euro, with EUR/GBP easing up 0.08% to hit 0.8701.
Also Tuesday, Bank of England policymaker Adam Posen was to speak, while the U.S. was to produce data on consumer confidence.