Forexpros – The pound was lower against the U.S. dollar on Monday, after an intervention by Japan to weaken the persistently strong yen bolstered demand for the greenback. GBP/USD hit 1.5965 during European morning trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 1.6005, shedding 0.76%. Cable was likely to find support at 1.5890, the low of October 26 and resistance at 1.6136, the days high and an almost two-month high. Earlier Monday, Japanese officials launched an intervention to curb the appreciation of the yen after the dollar fell to a record low of JPY75.56 in early trade. Japanese Finance Minister Jun Azumi said Tokyo had acted on its own and would keep intervening until it was satisfied with the results. Azumi said he ordered the intervention because “speculative moves” in the currency failed to reflect Japan’s economic fundamentals. Meanwhile, concerns over the ongoing debt crisis in the euro zone lingered after an Italian debt sale on Friday saw the country’s borrowing costs surge to a euro-lifetime high. The pound was higher against the euro, with EUR/GBP shedding 0.33% to hit 0.8744. Later Monday, the U.K. was to release official data on net lending to individuals and mortgage approvals, while the U.S. was to release a report on manufacturing activity in the Chicago area.

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