Investing.com – The pound was steady against the U.S. dollar on Wednesday, holding modest gains as speculation over the possibility of fresh stimulus measures to bolster the U.S. economy weighed on the greenback.
GBP/USD hit 1.6514 during European morning trade, the daily high; the pair subsequently consolidated at 1.6506, easing up 0.06%.
Cable was likely to find support at 1.6435, the low of August 22 and short-term resistance at 1.6572, Tuesday’s high.
The dollar remained on the back foot amid ongoing speculation that Federal Reserve Chairman Ben Bernanke could indicate that further monetary easing may be necessary when he speaks at an economic symposium in Jackson Hole, Wyoming, later in the week.
Meanwhile, trade remained subdued as the U.K. was not scheduled to release any major economic data until later in the week.
The pound was also slightly higher against the euro, with EUR/GBP slipping 0.11% to hit 0.8744.
Later in the day, the U.S. was to publish government data on durable goods orders.
GBP/USD hit 1.6514 during European morning trade, the daily high; the pair subsequently consolidated at 1.6506, easing up 0.06%.
Cable was likely to find support at 1.6435, the low of August 22 and short-term resistance at 1.6572, Tuesday’s high.
The dollar remained on the back foot amid ongoing speculation that Federal Reserve Chairman Ben Bernanke could indicate that further monetary easing may be necessary when he speaks at an economic symposium in Jackson Hole, Wyoming, later in the week.
Meanwhile, trade remained subdued as the U.K. was not scheduled to release any major economic data until later in the week.
The pound was also slightly higher against the euro, with EUR/GBP slipping 0.11% to hit 0.8744.
Later in the day, the U.S. was to publish government data on durable goods orders.