Investing.com - The pound was lower against the U.S. dollar on Monday, pulling back from Friday’s five-week high as uncertainty over the outcome of talks to restructure Greek debt supported safe haven demand.
GBP/USD hit 1.5517 during early European trade, the daily low; the pair subsequently consolidated at 1.5526, shedding 0.33%.
Cable was likely to find support at 1.5449, Friday’s low and resistance at 1.5577, Friday’s high and the highest since January 5.
Investors turned their attention to a meeting of European Union finance ministers later in the day to discuss the terms of a proposed debt restructuring deal for Greece.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
Meanwhile, speculation that the Bank of England may announce fresh monetary easing measures as soon as next month to stimulate growth continued to cloud the outlook for sterling.
The pound was also lower against the euro, with EUR/GBP adding 0.22% to hit 0.8320.
Earlier in the session, trade was thin as markets in China, Hong Kong, South Korea, Taiwan and Singapore remained closed for the Lunar New Year holidays.
GBP/USD hit 1.5517 during early European trade, the daily low; the pair subsequently consolidated at 1.5526, shedding 0.33%.
Cable was likely to find support at 1.5449, Friday’s low and resistance at 1.5577, Friday’s high and the highest since January 5.
Investors turned their attention to a meeting of European Union finance ministers later in the day to discuss the terms of a proposed debt restructuring deal for Greece.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
Meanwhile, speculation that the Bank of England may announce fresh monetary easing measures as soon as next month to stimulate growth continued to cloud the outlook for sterling.
The pound was also lower against the euro, with EUR/GBP adding 0.22% to hit 0.8320.
Earlier in the session, trade was thin as markets in China, Hong Kong, South Korea, Taiwan and Singapore remained closed for the Lunar New Year holidays.