Investing.com – The pound trimmed losses against the U.S. dollar on Monday, but remained under pressure after Japan intervened in the foreign exchange market to curb the appreciation of the yen, boosting demand for the greenback.
GBP/USD pulled away from 1.5965, the pair’s lowest since Thursday, to hit 1.6027 during European early afternoon trade, still down 0.61%.
Cable was likely to find support at 1.5890, the low of October 26 and resistance at 1.6136, the days high and an almost two-month high.
Japanese officials launched an intervention to curb the appreciation of the yen after the dollar fell to a record low of JPY75.56 in early Asian trade.
Japan’s Vice Finance Minister Fumihiko Igarashi said that the intervention was not targeting specific currency levels and added that it was too early to assess the impact of the action, which may not yet have ended.
Meanwhile, market sentiment was dented by concerns that last week's meeting of euro zone leaders offered few details on how a planned package of measures to contain the debt crisis in the region would be achieved.
Elsewhere, the pound was up against the euro, with EUR/GBP shedding 0.54% to hit 0.8726.
Also Monday, official data showed that net lending to individuals in the U.K. rose slightly more-than-expected in September, while mortgage approvals declined in line with expectations.
Later in the day, the U.S. was to release data on manufacturing activity in the Chicago area.
GBP/USD pulled away from 1.5965, the pair’s lowest since Thursday, to hit 1.6027 during European early afternoon trade, still down 0.61%.
Cable was likely to find support at 1.5890, the low of October 26 and resistance at 1.6136, the days high and an almost two-month high.
Japanese officials launched an intervention to curb the appreciation of the yen after the dollar fell to a record low of JPY75.56 in early Asian trade.
Japan’s Vice Finance Minister Fumihiko Igarashi said that the intervention was not targeting specific currency levels and added that it was too early to assess the impact of the action, which may not yet have ended.
Meanwhile, market sentiment was dented by concerns that last week's meeting of euro zone leaders offered few details on how a planned package of measures to contain the debt crisis in the region would be achieved.
Elsewhere, the pound was up against the euro, with EUR/GBP shedding 0.54% to hit 0.8726.
Also Monday, official data showed that net lending to individuals in the U.K. rose slightly more-than-expected in September, while mortgage approvals declined in line with expectations.
Later in the day, the U.S. was to release data on manufacturing activity in the Chicago area.