Forex Pros – The pound rose against the euro on Thursday, nearing a 3-week high it hit earlier in the day amid fresh fears over debt-laden Greece and in the wake of mixed economic data from Britain.
EUR/GBP shed 0.27% to hit 0.8938 during early U.S. trade, close to 0.8929, a daily low and a 3-week low.
The pair was likely to find short-term support at 0.8752, the low of Feb. 24, and resistance at 0.915, the high of March 1.
Sterling, however, was down against the dollar, with GBP/USD dropping 0.26% to hit 1.5288.
Earlier Thursday, Greek Prime Minister George Papandreou warned that his country will be forced to turn to the International Monetary Fund if the European Union cannot agree to a bailout plan next week.
Fears over Greece's debt crisis had battered the single European currency in recent months.
Meanwhile, data released by an industry group on Thursday showed that British factory orders fell further than forecast in March, and a government report showed that U.K. public sector net borrowing rose to its highest for a February ever recorded, but by less than economists had expected.
