Investing.com - The pound slipped lower against the U.S. dollar on Monday, as investors awaited the Bank of England's monetary policy statement due later in the day and as demand for the greenback remained broadly supported.
GBP/USD hit 1.5394 during European morning trade, the session low; the pair subsequently consolidated at 1.5419, shedding 0.24%.
Cable was likely to find support at 1.5241, the low of May 8 and resistance at 1.5525, the high of May 8 and a more than two-month high.
Later Monday, the BoE was expected to leave its benchmark interest rate unchanged at 0.50% and its asset purchase facility program at £375 billion.
The pound had rallied to more than two-month highs against the dollar on Friday after Prime Minister David Cameron’s Conservative Party won a surprise majority in British elections.
Meanwhile, the dollar remained supported after the Labor Department reported on Friday that the U.S. economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.
However, March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
Sterling was higher against the euro, with EUR/GBP edging down 0.13% to 0.7242.
Sentiment on the single currency remained vulnerable as Greece and the euro zone were to hold a fresh round of talks later Monday as Athens scrambles to reach an agreement on a package of economic reforms in order to access fresh bailout funds.
Ahead of the talks Greece’s government indicated that it was still hopeful that progress would be made but euro zone officials have indicated that too many issues still remain unresolved.
Greece was due to repay approximately €770 million to the International Monetary Fund on Tuesday.