Investing.com - The pound was almost unchanged against the dollar on Tuesday as investors awaited U.S. employment data later in the session for an indication on how soon the Federal Reserve may start scaling back its stimulus program.
GBP/USD hit 1.6116 during European afternoon trade, the lowest since October 17; the pair subsequently consolidated at 1.6138, dipping 0.05%.
Cable was likely to find support at 1.6020 and resistance at 1.6224, the high of October 18.
The dollar fell sharply against the other major currencies late last week amid concerns over the negative impact of the 16-day U.S. government shutdown on the already fragile economic recovery.
Fears over a drag on growth fuelled expectations that the U.S. central bank would postpone plans to start tapering its stimulus program until at least the beginning of next year.
Investors were looking to the September nonfarm payrolls report, which was being released 18 days behind schedule due to disruption caused by the government shutdown, to help indicate if the Fed is close to scaling back its asset purchase program.
Elsewhere, sterling was steady against the euro, with EUR/GBP edging up 0.04% to 0.8475.
Sterling had little reaction after data released on Tuesday showed that the U.K. public sector deficit narrowed to GBP11.1 billion in September from GBP12.1 billion in September 2012.
GBP/USD hit 1.6116 during European afternoon trade, the lowest since October 17; the pair subsequently consolidated at 1.6138, dipping 0.05%.
Cable was likely to find support at 1.6020 and resistance at 1.6224, the high of October 18.
The dollar fell sharply against the other major currencies late last week amid concerns over the negative impact of the 16-day U.S. government shutdown on the already fragile economic recovery.
Fears over a drag on growth fuelled expectations that the U.S. central bank would postpone plans to start tapering its stimulus program until at least the beginning of next year.
Investors were looking to the September nonfarm payrolls report, which was being released 18 days behind schedule due to disruption caused by the government shutdown, to help indicate if the Fed is close to scaling back its asset purchase program.
Elsewhere, sterling was steady against the euro, with EUR/GBP edging up 0.04% to 0.8475.
Sterling had little reaction after data released on Tuesday showed that the U.K. public sector deficit narrowed to GBP11.1 billion in September from GBP12.1 billion in September 2012.