The sterling traded close to four-month highs versus the US dollar on Monday, as market players awaited FEDs meeting on Wednesday for clues on monetary policy.
GBP/USD hit 1.5750 during European afternoon trade, currently the session high and highest since last Thursday, after which the pair consolidated at 1.5723, retreating by 0.13% for the day. Support was expected at 1.5643, Thursday’s low, while resistance was to be encountered at 1.5736, Thursday’s high and the pair’s highest since February 11th.
Earlier today it became clear that Rightmove House Price Index in the United Kingdom registered a 1.2% rise in June on a monthly basis, from 2.1% during May.
Investors remained wary ahead of Federal Reserve Bank’s policy statement on Wednesday amid uncertainty over the bank’s next move. The dollar weakened against the other major currencies last week amid growing expectations that the US central bank will begin to unwind its asset purchasing program later this year.
Meanwhile, pound was higher against the euro, with EUR/GBP slipping 0.16% to 0.8481.
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