Investing.com - The pound pulled back from session lows against the dollar on Tuesday to trade little changed as investors remained concerned over a U.S. political deadlock and the prospects for a U.S. sovereign default.
GBP/USD pulled away from 1.6018, the session low to hit 1.6110 during European afternoon trade, edging up 0.09%.
Cable was likely to find support at 1.6004, the low of October 10 and resistance at 1.6098, the session high.
Investors remained cautious as a partial U.S. government shutdown dragged on, with few signs of progress in reaching a resolution.
President Barack Obama repeated Monday that he is willing to negotiate with congressional Republicans on a range of topics, including healthcare and energy policy, but only after the government is reopened.
President Obama also called on Congress to raise the government borrowing limit ahead of the October 17 deadline, when the Treasury Department has estimated the U.S. government will not have enough cash to pay its bills.
Elsewhere, sterling was slightly higher against the euro, with EUR/GBP sliding 0.12% to 0.8427.
In the euro zone, data released on Tuesday showed that German factory orders unexpectedly fell 0.3% in August, following a 1.9% drop in July. Analysts had been expecting a gain of 1.2%.
GBP/USD pulled away from 1.6018, the session low to hit 1.6110 during European afternoon trade, edging up 0.09%.
Cable was likely to find support at 1.6004, the low of October 10 and resistance at 1.6098, the session high.
Investors remained cautious as a partial U.S. government shutdown dragged on, with few signs of progress in reaching a resolution.
President Barack Obama repeated Monday that he is willing to negotiate with congressional Republicans on a range of topics, including healthcare and energy policy, but only after the government is reopened.
President Obama also called on Congress to raise the government borrowing limit ahead of the October 17 deadline, when the Treasury Department has estimated the U.S. government will not have enough cash to pay its bills.
Elsewhere, sterling was slightly higher against the euro, with EUR/GBP sliding 0.12% to 0.8427.
In the euro zone, data released on Tuesday showed that German factory orders unexpectedly fell 0.3% in August, following a 1.9% drop in July. Analysts had been expecting a gain of 1.2%.