Forex - GBP/USD hits daily high but risk aversion remains
Investing.com
Published Jul 19, 2011 04:06AM ET
GBP/USD hit 1.6128 during early European trade, the daily high; the pair subsequently consolidated at 1.6113, gaining 0.35%.
Cable was likely to find support at 1.6004, Monday’s low and resistance at 1.6175, last Friday’s high.
Investors remained cautious ahead of a meeting of euro zone leaders in Brussels later in the week to discuss a second bailout for Greece and the overall financial stability of the single currency bloc.
Concerns over sovereign debt contagion to Italy and Spain from Greece escalated on Monday, as Italian and Spanish 10-year bond yields climbed higher and their spreads over benchmark German bonds rose to euro-lifetime highs.
The pound was also slightly higher against the euro, with EUR/GBP slipping 0.10% to hit 0.8779.
Later Tuesday, the U.S. was to publish government data on building permits and housing starts.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.