Pound remained supported against the U.S. dollar on Monday, after the release of manufacturing data from the United Kingdom, which was better than expected, boosting expectations for the work of another round of monetary easing from the Bank of England.
GBP / USD hit 1.5898 during European afternoon, a highest Sarellzoj since August 23, and the pair subsequently consolidated at 1.5877, gaining 0.08%.
Cable was likely to find support at 1.5777, the low price on Friday, and the near-term resistance at 1.5911, the highest price since August 23, and three and a half years.
Markit said that the PMI manufacturing in the UK rose to 49.5 in August from 45.4 reading in July, beating expectations for an increase to 46.2.
New export orders fell sharply, despite weak demand from Europe.
Market sentiment remained cautious ahead of the ECB meeting to develop a policy on Thursday and U.S. jobs data on Friday.
The dollar remained under pressure after Bernanke said that the bank will act as needed to promote the recovery of the U.S. economy, but did not announce whether there will be a new round of quantitative stimulus Hafeez imminent.
Markit said the BMI index of manufacturing rose to 45.1 from 37-month low in July of 44, but still much lower than the 50.
Later the same day, is scheduled to make Mario Draghi ECB President testified before the European Parliament's Committee on Economic and Monetary Affairs, in Brussels.
The pound rose against the euro, with EUR / GBP shedding 0.14% to hit 0.7918
Remain quiet trade on Monday, with no major economic data released in the calendar, while remaining markets in the United States closed for the Labor Day holiday.
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