Forex - GBP/USD edges higher, gains capped in quiet trade

Shutterstock photo - The pound pushed higher against the dollar in quiet trade on Monday as the dollar's weakness against the firmer yen weighed on demand for the greenback.

GBP/USD hit 1.5216 during European afternoon trade, the session high; the pair subsequently consolidated at 1.5200, gaining 0.22%.

Cable was likely to find support at 1.5159, Friday's low and the pair's lowest since April 4 and resistance at 1.5281, Friday's high.

The dollar retreated from four-and-a-half year highs against the yen after comments by Japan's economy minister indicated that the yen's correction from excessive strength was almost over and warned that further yen weakness could have a negative impact on Japan's economy.

Demand for the dollar continued to be underpinned after data on Friday showing that U.S. consumer sentiment rose to an almost six year high in May fuelled expectations that the Federal Reserve could scale back its easing program this year.

Elsewhere, sterling was lower against the yen, with GBP/JPY sliding 0.36% to 155.94 and edged higher against the euro, with EUR/GBP down 0.10% to 0.8452.

Trade volumes looked likely to remain thin on Monday, with many European traders away for the Whit Monday holiday. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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