On Monday the British currency was almost unchanged against its US counterpart.
Demand for the greenback was weak as trading volumes were expected to remain light with no major
reports to be released during the session.
GBP/USD hit 1.4984 during European morning trade, the session high; the pair subsequently consolidated at 1.4954. Cable was likely to find support at 1.4809, the low of April 16 and resistance at 1.5054, the high of April 17.
Investors pushed back
expectations for higher U.S. interest rates after a recent string of
soft economic data dampened optimism on the country's recovery. The expectations put the greenback under the pressure.
Markets were hardly influenced by data issued Friday which showed that the U.K. claimant count dropped 20,700 last month, compared to expectations for a 29,500 decline.
Another report indicated that the U.K. unemployment rate ticked down to 5.6% in February from 5.7% the previous month, in line with expectations.
Sterling was higher against the euro, with EUR/GBP shedding 0.32% to 0.7203.
