Investing.com – The pound slipped against the U.S. dollar on Thursday, pulling back from the daily high as declining market sentiment and weak U.K. economic data weighed.
GBP/USD pulled away from 1.6363, the daily high, to hit 1.6322 during European afternoon trade, dipping 0.06%.
Cable was likely to find support at 1.6264, the low of July 26 and resistance at 1.6438, Wednesday’s high and a six-week high.
Earlier in the day, a report showed that British retail sales fell at their fastest pace in a year in July, while stores expected a further deterioration in August, as consumers cut back on spending.
The Confederation of British Industry said its index of U.K. retailers fell by 3 points to minus 5 in July from a reading of minus 2 in June. Analysts had expected the index to climb to 2 in July.
Elsewhere, sentiment was dented after yields at an auction of Italian bonds rose sharply earlier, adding to fears that a second Greek bailout package agreed last week would not be enough to prevent sovereign debt contagion in the euro zone.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.59% to hit 0.8744.
Later Thursday, the U.S. was to release government data on unemployment claims and pending home sales, while the House of Representatives was to vote on a proposed plan to raise the U.S. debt ceiling ahead of the August 2 deadline.
GBP/USD pulled away from 1.6363, the daily high, to hit 1.6322 during European afternoon trade, dipping 0.06%.
Cable was likely to find support at 1.6264, the low of July 26 and resistance at 1.6438, Wednesday’s high and a six-week high.
Earlier in the day, a report showed that British retail sales fell at their fastest pace in a year in July, while stores expected a further deterioration in August, as consumers cut back on spending.
The Confederation of British Industry said its index of U.K. retailers fell by 3 points to minus 5 in July from a reading of minus 2 in June. Analysts had expected the index to climb to 2 in July.
Elsewhere, sentiment was dented after yields at an auction of Italian bonds rose sharply earlier, adding to fears that a second Greek bailout package agreed last week would not be enough to prevent sovereign debt contagion in the euro zone.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.59% to hit 0.8744.
Later Thursday, the U.S. was to release government data on unemployment claims and pending home sales, while the House of Representatives was to vote on a proposed plan to raise the U.S. debt ceiling ahead of the August 2 deadline.