Investing.com – The pound extended losses against the broadly stronger U.S. dollar on Tuesday, amid mounting fears of a radiation catastrophe in Japan following last week's devastating earthquake.
GBP/USD hit 1.5979 during European afternoon trade, the pair’s lowest since Friday; the pair subsequently consolidated at 1.5993, tumbling 1.10%.
Cable was likely to find support at 1.5819, the low of January 31 and resistance at 1.6199, Monday’s high.
Earlier in the day, an explosion at the No. 2 reactor at the Fukushima Daiichi nuclear power plant, located 155 miles northeast of Tokyo, sent low levels of radiation floating towards the city, prompting some people to flee the capital and others to stock up on essential supplies.
In a televised address, Japanese Prime Minister Naoto Kan urged people within 30 kilometers of the plant to remain indoors and conserve power amid the world's most serious nuclear disaster since the Chernobyl catastrophe in Ukraine in 1986.
The pound was also down against the yen, with GBP/JPY falling 2.10% to hit 129.27.
Later in the day, the U.S. Federal Reserve was to announce its federal funds rate. The U.S. was also to publish official data on manufacturing activity in the New York region.
GBP/USD hit 1.5979 during European afternoon trade, the pair’s lowest since Friday; the pair subsequently consolidated at 1.5993, tumbling 1.10%.
Cable was likely to find support at 1.5819, the low of January 31 and resistance at 1.6199, Monday’s high.
Earlier in the day, an explosion at the No. 2 reactor at the Fukushima Daiichi nuclear power plant, located 155 miles northeast of Tokyo, sent low levels of radiation floating towards the city, prompting some people to flee the capital and others to stock up on essential supplies.
In a televised address, Japanese Prime Minister Naoto Kan urged people within 30 kilometers of the plant to remain indoors and conserve power amid the world's most serious nuclear disaster since the Chernobyl catastrophe in Ukraine in 1986.
The pound was also down against the yen, with GBP/JPY falling 2.10% to hit 129.27.
Later in the day, the U.S. Federal Reserve was to announce its federal funds rate. The U.S. was also to publish official data on manufacturing activity in the New York region.