Investing.com - The pound fell to two-week lows against the dollar on Wednesday as concerns over the prospect of military intervention against Syria weighed and investors awaited a speech by Bank of England Governor Mark Carney.
GBP/USD hit 1.5449 during European afternoon trade, the lowest since August 14; the pair subsequently consolidated at 1.5462, shedding 0.53%.
Cable was likely to find support at 1.5400 and resistance at 1.5550, the session high.
Safe haven demand was boosted by growing indications that the U.S. and its allies are preparing to launch a military intervention against the Syrian government following the alleged use of chemical weapons.
British Prime Minister David Cameron drafted a United Nations resolution condemning the use of chemical weapons in Syria and "authorizing necessary measures to protect civilians" on Wednesday. The resolution was to be put forward at a meeting of the UN Security Council later in the day.
Meanwhile, investors were awaiting a speech by BoE Governor Mark Carney later in the session.
Carney was expected to reiterate the bank’s pledge to keep interest rates on hold at current record low levels until the U.K. unemployment rate falls below 7%, something the bank sees as unlikely to happen for another three years.
Recent improved U.K. economic data fuelled expectations that the bank could raise rates before then.
Sterling was also lower against the euro, with EUR/GBP rising 0.19% to 0.8631.
GBP/USD hit 1.5449 during European afternoon trade, the lowest since August 14; the pair subsequently consolidated at 1.5462, shedding 0.53%.
Cable was likely to find support at 1.5400 and resistance at 1.5550, the session high.
Safe haven demand was boosted by growing indications that the U.S. and its allies are preparing to launch a military intervention against the Syrian government following the alleged use of chemical weapons.
British Prime Minister David Cameron drafted a United Nations resolution condemning the use of chemical weapons in Syria and "authorizing necessary measures to protect civilians" on Wednesday. The resolution was to be put forward at a meeting of the UN Security Council later in the day.
Meanwhile, investors were awaiting a speech by BoE Governor Mark Carney later in the session.
Carney was expected to reiterate the bank’s pledge to keep interest rates on hold at current record low levels until the U.K. unemployment rate falls below 7%, something the bank sees as unlikely to happen for another three years.
Recent improved U.K. economic data fuelled expectations that the bank could raise rates before then.
Sterling was also lower against the euro, with EUR/GBP rising 0.19% to 0.8631.