BRUSSELS (dpa-AFX) - The pound was higher against its most major opponents in the European session on Monday, as Ukraine tensions reduced after U.S. President Joe Biden and his Russian counterpart Vladimir Putin agreed in principle to hold a summit in a bid to avert a war.
The proposed summit would occur after a meeting between U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov on Thursday.
In the U.K., Prime Minister Boris Johnson will outline plans to end coronavirus restrictions, including a requirement for self-isolation of virus-infected patients.
Downing Street said that England is in a 'strong position to consider lifting the remaining legal restrictions' due to its successful vaccination programme.
The U.S. markets will remain closed on account of the President's Day holiday.
The pound reached as high as 156.75 against the yen, up from a 4-day low of 156.08 seen at 6:30 pm ET. On the upside, 160.00 is likely seen as its next resistance level.
The pound recovered from its prior lows of 1.3583 against the greenback and 0.8352 against the euro, advancing to 1.3639 and 0.8326, respectively. The pound is likely to find resistance around 1.39 against the greenback and 0.81 against the euro.
In contrast, the pound slipped against the franc and was trading at a 1-week low of 1.2473. The currency is seen facing support around the 1.22 level.
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