Forex Pros – The pound edged higher against the U.S. dollar on Monday, but gains were limited as concerns over Japan’s nuclear crisis and ongoing military actions in Libya weighed on risk appetite.
GBP/USD hit 1.6254 during European morning trade, the daily high; the pair subsequently consolidated at 1.6241, easing up 0.05%.
Cable was likely to find support at 1.6059, Friday’s low and resistance at 1.6341, the high of March 7.
Earlier in the day, workers at the stricken Fukushima nuclear power plant, 155 miles north of Tokyo, managed to rig power cables to all six reactors at the complex and start a water pump at one before smoke was briefly seen rising from the site.
Also Monday, coalition forces, including the U.S., the U.K. and France, launched a second wave of air strikes on Libya in an attempt to remove loyalist support for leader Moammar Gadhafi and protect Libyan civilians from government forces.
The pound was also up against the yen, with GBP/JPY surging 0.77% to hit 131.81.
Later in the day, the U.S. was to publish official data on existing home sales.
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