Forex Pros – The pound was lower against the U.S. dollar on Monday, after euro zone finance ministers delayed a decision on emergency loans for Greece, adding to pressure on Greek Prime Minister George Papandreou to pass unpopular economic reforms.
GBP/USD hit 1.6110 during early European trade, the daily low; the pair subsequently consolidated at 1.6144, shedding 0.30%.
Cable was likely to find short-term support at 1.6077, last Thursday’s low and an almost one-month low and short-term resistance at 1.6224, the high of the same day.
On Sunday, finance ministers from the 17-nation single currency bloc said that a new bailout package for Greece would be decided upon by early July and would be dependent on the Greek parliament passing a controversial new austerity package.
Earlier Monday, U.K. property website Rightmove said that that house prices would finish 2011 with an annual gain of 2.0%, in contrast to its December forecast for a 2.5% fall.
Rightmove said asking prices rose 0.6% in June after a 1.3% rise in May, reaching their highest level since an all-time high hit in May 2008.
Meanwhile, the pound was higher against the euro, with EUR/GBP shedding 0.35% to hit 0.8807.
Later in the day, Bank of England policymaker Adam Posen was to speak; his comments would be closely watched for his views on the future direction of monetary policy.
ForexPros.com
