Investing.com - The pound turned lower against the U.S. dollar on Monday, as markets looked ahead to Federal Reserve Chairman Ben Bernanke's testimony on the economy in the U.S. Senate on Tuesday and Wednesday.
GBP/USD hit 1.5545 during European morning trade, the session low; the pair subsequently consolidated at 1.5544, slipping 0.20%.
Cable was likely to find support at 1.5485, the low of July 11 and resistance at 1.5592, the session high.
Investors remained cautious ahead of Bernanke's testimony on the economy to the Senate on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate growth.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
Sterling remained supported after the Bank of England announced a new GBP80 billion 'funding for lending' program on Friday, which will offer cheaper loans to households and businesses.
The pound was trading close to a three-and-a-half year high against the euro, with EUR/GBP dipping 0.02% to 0.7862, but was lower against the broadly firmer yen, with GBP/JPY shedding 0.37% to trade at 122.85.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.
GBP/USD hit 1.5545 during European morning trade, the session low; the pair subsequently consolidated at 1.5544, slipping 0.20%.
Cable was likely to find support at 1.5485, the low of July 11 and resistance at 1.5592, the session high.
Investors remained cautious ahead of Bernanke's testimony on the economy to the Senate on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate growth.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
Sterling remained supported after the Bank of England announced a new GBP80 billion 'funding for lending' program on Friday, which will offer cheaper loans to households and businesses.
The pound was trading close to a three-and-a-half year high against the euro, with EUR/GBP dipping 0.02% to 0.7862, but was lower against the broadly firmer yen, with GBP/JPY shedding 0.37% to trade at 122.85.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.