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Forex - GBP/USD slips as market sentiment wanes

ForexNov 26, 2012 09:28AM GMT Add a Comment
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Investing.com - The pound edged lower against the U.S. dollar on Monday, as market sentiment weakened ahead of fresh European talks on a potential financial aid deal for Greece.

GBP/USD hit 1.6003 during European morning trade, the daily low; the pair subsequently consolidated at 1.6015, slipping 0.09%.

Cable was likely to find support at 1.5928, the low of November 23 and resistance at 1.6093, the high of October 29.

Markets were jittery ahead of a meeting of euro zone finance ministers later in the day to discuss whether to release Greece’s next tranche of aid.

German Chancellor Angela Merkel said she believes a deal can be reached at Monday’s talks, while the French finance minister said over the weekend that an agreement is close.

Sentiment also came under pressure after Spain's main separatist party, the Convergence and Union alliance (CiU), led by Catalonian President Artur Mas, lost seats in the elections as voters expressed their frustration at his party’s introduction of austerity measures.

As a result, two-thirds of the 135-seat local parliament went to four different Catalan separatist parties.

Elsewhere, sterling was steady against the euro with EUR/GBP inching up 0.04%, to hit 0.8095.

Later in the day, Germany was to release data on German consumer climate.

Forex - GBP/USD slips as market sentiment wanes

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