Investing.com - The pound came off early lows against the U.S. dollar on Monday, as concerns over the outlook for global growth eased, but sterling’s gains looked likely to remain limited amid ongoing uncertainty over Spain.
GBP/USD pulled back from 1.6019, the session low, to hit 1.6061 during European morning trade, still down 0.07%.
Cable was likely to find support at 1.5983, Thursday’s low and resistance at 1.6141, the high of October 8.
China posted better-than-expected trade data over the weekend, with official data showing that the trade surplus unexpectedly widened in September as export demand increased, easing concerns over a slowdown in the world’s second largest economy.
A report earlier showed that Chinese consumer prices rose 1.9% in September, in line with expectations.
The pound remained under pressure as uncertainty over Spain’s stance on formally requesting a bailout weighed on market sentiment.
Elsewhere in the euro zone, Greek Prime Minister Antonis Samaras said Sunday his country was facing the “last hurdle” before recovery and expressed confidence that the government will reach an agreement with international creditors ahead of Thursday’s European Union summit.
The pound was slightly lower against the euro, with EUR/GBP easing up 0.09% to 0.8066.
Later in the day, the U.S. was to release official data on retail sales, as well as a report on business inventories.
GBP/USD pulled back from 1.6019, the session low, to hit 1.6061 during European morning trade, still down 0.07%.
Cable was likely to find support at 1.5983, Thursday’s low and resistance at 1.6141, the high of October 8.
China posted better-than-expected trade data over the weekend, with official data showing that the trade surplus unexpectedly widened in September as export demand increased, easing concerns over a slowdown in the world’s second largest economy.
A report earlier showed that Chinese consumer prices rose 1.9% in September, in line with expectations.
The pound remained under pressure as uncertainty over Spain’s stance on formally requesting a bailout weighed on market sentiment.
Elsewhere in the euro zone, Greek Prime Minister Antonis Samaras said Sunday his country was facing the “last hurdle” before recovery and expressed confidence that the government will reach an agreement with international creditors ahead of Thursday’s European Union summit.
The pound was slightly lower against the euro, with EUR/GBP easing up 0.09% to 0.8066.
Later in the day, the U.S. was to release official data on retail sales, as well as a report on business inventories.