Investing.com - The pound was down against the U.S. dollar on Wednesday, as downbeat U.K. industrial orders data and uncertainty over the outcome of Wednesday's European summit weighed on risk appetite.
GBP/USD hit 1.5971 during early European afternoon trade, the pair's highest since September 8; the pair subsequently consolidated at 1.5975, shedding 0.15%.
The pair was likely to find support at 1.5912, the low of September and resistance at 1.6133, the high of July 18.
The pound came under pressure after the Confederation of British Industry said that its index on industrial order expectations fell at the fastest pace in more than a year in October, tumbling to minus 18 from a reading of minus 9 the previous month.
Analysts had expected a reading of minus 8 in October.
Meanwhile, expectations for a breakthrough on a plan to tackle the debt crisis in the euro zone were dented after a meeting of the region’s finance ministers, scheduled to take place ahead of the summit, was cancelled.
Ahead of Wednesday's summit, incoming European Central Bank President Mario Draghi said European leaders must "immediately" activate facilities to confront the crisis, but added that each national government has to take "resolute and lasting" action to stabilize its own public finances.
Elsewhere, the pound was lower against the euro with EUR/GBP rising 0.30%, to trade at 0.8718.
Later in the day, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.
GBP/USD hit 1.5971 during early European afternoon trade, the pair's highest since September 8; the pair subsequently consolidated at 1.5975, shedding 0.15%.
The pair was likely to find support at 1.5912, the low of September and resistance at 1.6133, the high of July 18.
The pound came under pressure after the Confederation of British Industry said that its index on industrial order expectations fell at the fastest pace in more than a year in October, tumbling to minus 18 from a reading of minus 9 the previous month.
Analysts had expected a reading of minus 8 in October.
Meanwhile, expectations for a breakthrough on a plan to tackle the debt crisis in the euro zone were dented after a meeting of the region’s finance ministers, scheduled to take place ahead of the summit, was cancelled.
Ahead of Wednesday's summit, incoming European Central Bank President Mario Draghi said European leaders must "immediately" activate facilities to confront the crisis, but added that each national government has to take "resolute and lasting" action to stabilize its own public finances.
Elsewhere, the pound was lower against the euro with EUR/GBP rising 0.30%, to trade at 0.8718.
Later in the day, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.