Forex Pros – The pound was lower against the U.S. dollar on thin trade on Monday, retreating from an almost three-week high as concerns over a possible restructuring of Greek debt curbed demand for riskier assets.
GBP/USD retreated from 1.6511, the daily high, to high 1.6461 during European morning trade, slipping 0.27%.
Cable was likely to find support at 1.6377, Friday’s low and resistance at 1.6573, the high of May 4.
Later in the week, the International Monetary Fund, the European Union and the European Central Bank were expected to deliver a report on Greece’s progress on meeting fiscal targets under its bailout plan.
Over the weekend, Germany’s Der Spiegel magazine said the review will find Greece has missed all its fiscal targets. However, the IMF said Sunday that the media report was untrue.
Meanwhile, concerns over the outlook for U.S. growth continued after Friday’s disappointing data on U.S. pending home sales and customer spending.
The pound was also lower against the euro, with EUR/GBP easing up 0.04% to hit 0.8677.
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.
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