Forex Pros – The pound was steady against the U.S. dollar on Monday, trading close to the session low as bank holidays in both the U.K. and the U.S. contributed to thin volumes and quiet trading.
GBP/USD hit 1.6459 during European early afternoon trade, the session low; the pair subsequently consolidated at 1.6468, shedding 0.24%.
Cable was likely to find support at 1.6377, Friday’s low and resistance at 1.6573, the high of May 4.
Concerns over a Greek sovereign debt default lingered as European Union and International Monetary Fund officials prepared a report on Greece’s attempts to meet fiscal targets under its bailout plan.
Over the weekend, Germany’s Der Spiegel magazine said the review will find Greece has missed all its targets. However, the IMF said Sunday that the media report was untrue.
The pound was also lower against the euro, with EUR/GBP easing up 0.02% to hit 0.8675.
Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were to stay closed for Memorial Day.
ForexPros.com
