Investing.com - The pound hit a one-month high against the U.S. dollar on Monday, as signs of progress in tackling Greece’s debt crisis and encouraging U.K. manufacturing data bolstered investor demand for sterling.
GBP/USD hit 1.6085 during European afternoon trade, the pair’s highest since November 2; the pair subsequently consolidated at 1.6079, gaining 0.44%.
Cable was likely to find support at 1.6012, the session low and resistance at 1.6132, the high of November 2.
Investor confidence was boosted after Greece launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion.
Euro zone finance ministers were to hold talks in Brussels later in the day to discuss the terms of the new Greek aid deal, after Germany’s parliament gave it the green light on Friday.
In the U.K., data showed that the manufacturing purchasing managers' index rose to a three month high of 49.1 last month from October's downwardly revised 47.3 and beating expectations for a reading of 48.1.
However, the index remained below the 50.0 level which separates contraction from expansion for the seventh successive month.
The data came after a report showed that showed that the final HSBC manufacturing PMI for China rose to 50.5 in November from 49.5 the previous month, indicating that economic activity is picking up.
Sterling was lower against the euro, with EUR/GBP rising 0.14% to 0.8120.
Later Monday, the Institute of Supply Management was to produce a report on manufacturing activity in the U.S.
GBP/USD hit 1.6085 during European afternoon trade, the pair’s highest since November 2; the pair subsequently consolidated at 1.6079, gaining 0.44%.
Cable was likely to find support at 1.6012, the session low and resistance at 1.6132, the high of November 2.
Investor confidence was boosted after Greece launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion.
Euro zone finance ministers were to hold talks in Brussels later in the day to discuss the terms of the new Greek aid deal, after Germany’s parliament gave it the green light on Friday.
In the U.K., data showed that the manufacturing purchasing managers' index rose to a three month high of 49.1 last month from October's downwardly revised 47.3 and beating expectations for a reading of 48.1.
However, the index remained below the 50.0 level which separates contraction from expansion for the seventh successive month.
The data came after a report showed that showed that the final HSBC manufacturing PMI for China rose to 50.5 in November from 49.5 the previous month, indicating that economic activity is picking up.
Sterling was lower against the euro, with EUR/GBP rising 0.14% to 0.8120.
Later Monday, the Institute of Supply Management was to produce a report on manufacturing activity in the U.S.