Investing.com - The pound trimmed losses against the U.S. dollar on Monday, supported by upbeat euro zone data but sterling remained under pressure as concerns over the outcome of Greek debt talks continued to weigh.
GBP/USD pulled back from 1.5729, the pair’s lowest since February 1, to hit 1.5761 during European afternoon trade, still down 0.33%.
Cable was likely to find support at 1.5705, the low of February 1 and resistance at 1.5847, the high of October 17.
Sentiment found support following official data showing that German factory orders rose more-than-expected in December, on the back of increased demand from outside the euro zone.
The data eased concerns over the impact of the euro zone’s financial crisis on the region’s largest economy.
Earlier in the day, the European Commission said Greece has gone beyond the deadline for finalizing talks on a second bailout package from the euro zone and the International Monetary Fund and warned that Athens urgently needs to take a decision.
Greek political leaders were holding talks in Athens to discuss whether they can agree to conditions meet the requirements for a EUR130 billion aid package.
Elsewhere, the pound was higher against the euro with EUR/GBP shedding 0.40%, to hit 0.8289.
Also Monday, a report by mortgage lender Halifax showed that U.K. house prices rose by 0.6% in January, after dropping by a revised 1% the previous month.
The report said that continuing low levels of interest rates have helped support housing demand.
GBP/USD pulled back from 1.5729, the pair’s lowest since February 1, to hit 1.5761 during European afternoon trade, still down 0.33%.
Cable was likely to find support at 1.5705, the low of February 1 and resistance at 1.5847, the high of October 17.
Sentiment found support following official data showing that German factory orders rose more-than-expected in December, on the back of increased demand from outside the euro zone.
The data eased concerns over the impact of the euro zone’s financial crisis on the region’s largest economy.
Earlier in the day, the European Commission said Greece has gone beyond the deadline for finalizing talks on a second bailout package from the euro zone and the International Monetary Fund and warned that Athens urgently needs to take a decision.
Greek political leaders were holding talks in Athens to discuss whether they can agree to conditions meet the requirements for a EUR130 billion aid package.
Elsewhere, the pound was higher against the euro with EUR/GBP shedding 0.40%, to hit 0.8289.
Also Monday, a report by mortgage lender Halifax showed that U.K. house prices rose by 0.6% in January, after dropping by a revised 1% the previous month.
The report said that continuing low levels of interest rates have helped support housing demand.