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British Pound Mixed Against Majors

The British pound showed mixed trading against other major currencies in early European deals on Monday. While the pound gained against the euro and franc, it slipped versus the dollar and yen.

The meeting of G20 finance ministers and central bank governors held in Mexico concluded on Sunday, with G20 countries demanding Europe to strengthen its bailout fund before leading economies provide extra support to raise the resources of the International Monetary Fund. The meeting of Eurozone ministers to be held in March will decide about boosting the region's firewall.

The pound rose to a 4-day high of 1.4243 against the franc, compared to Friday's close of 1.4227. On the upside, 1.425 is seen as the next target level for the pound.

Against the euro, the pound climbed to a 4-day high of 0.8462. The next upside target level for the U.K. currency is seen at 0.840. At last week's close, the euro-pound pair was quoted at 0.8473.

The pound that closed last week's trading at 1.5888 against the dollar is now worth 1.5850. The near term support level for the pound-dollar pair is seen at 1.580.

The pound is currently worth 127.40 against the yen, down from an early Asian session's fresh multi-month high of 129.82. If the pound-yen pair weakens further, it may likely target the 126.5 level. The pair ended last week's trading at 128.81.

Looking ahead, the U.S. pending home sales for January is due for release in the New York morning session.

by RTTNews Staff Writer

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