With the Greek government having introduced new proposals for the nation's restructuring on its economic reforms and budget cuts, prior to the finance ministers meeting on Saturday, the traders, and investors' confidence was slightly boosted.
Late on Friday, the EUR/GBP pair reached the level of 0.7186, a rise of up to 1.8%, with the sterling having traded lower versus the euro after its previous appreciation to 0.7224.
Furthermore, after Janet Yellen, the Federal Reserve’s Chair, stated that the central bank was in the process of increasing interest rates this year, the sterling trimmed some of its wins over the greenback.
This week, the Greek matter will dominate the market, while the talks between the European leaders will resume till a solution on the nation's bailout will be found.
Moreover, the central banks of Canada and Japan and the European Central Bank’s monetary policy statements, as well as China’s second quarter growth, will also be the major focus for this week.