Investing.com - The pound was steady close to a three-month high against the U.S. dollar on Wednesday, as market sentiment continued to be supported by expectations that the European Central Bank will soon act to ease the debt crisis in the euro zone.
GBP/USD hit 1.5802 during European morning trade, the session high; the pair subsequently consolidated at 1.5795, inching up 0.07%.
Cable was likely to find support at 1.5701, Tuesday’s low and near-term resistance at 1.5847, the high of May 22.
The pound advanced to a three-month high against the dollar on Tuesday, as risk appetite was bolstered by speculation that the ECB will soon implement policy measures to help stabilize the euro zone's sovereign debt markets.
Later Wednesday, Jean-Claude Juncker, the head of the euro zone finance ministers, and Greek Prime Minister Antonis Samaras were to hold talks to discuss a two-year extension of the country’s economic reform program.
Market participants were also looking ahead to the minutes of the Federal Reserve’s August policy meeting, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
The pound was slightly higher against the euro, with EUR/GBP slipping 0.14% to 0.7888.
Later Wednesday, the U.S. was to release industry data on existing home sales.
GBP/USD hit 1.5802 during European morning trade, the session high; the pair subsequently consolidated at 1.5795, inching up 0.07%.
Cable was likely to find support at 1.5701, Tuesday’s low and near-term resistance at 1.5847, the high of May 22.
The pound advanced to a three-month high against the dollar on Tuesday, as risk appetite was bolstered by speculation that the ECB will soon implement policy measures to help stabilize the euro zone's sovereign debt markets.
Later Wednesday, Jean-Claude Juncker, the head of the euro zone finance ministers, and Greek Prime Minister Antonis Samaras were to hold talks to discuss a two-year extension of the country’s economic reform program.
Market participants were also looking ahead to the minutes of the Federal Reserve’s August policy meeting, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
The pound was slightly higher against the euro, with EUR/GBP slipping 0.14% to 0.7888.
Later Wednesday, the U.S. was to release industry data on existing home sales.