Investing.com – The pound surged to hit a fresh 5-month high against the U.S. dollar on Tuesday, amid rising risk appetite after upbeat German economic data.
GBP/USD hit 1.5532 during European morning trade, the pair's highest since Feb. 23; the pair subsequently consolidated at 1.5485, gaining 0.04%.
Cable was likely to find support at 1.5408, Monday's low and resistance at 1.5574, the high of Feb. 23.
Earlier in the day, data showed that Germany's consumer climate improved more than expected in July, rising to its highest level since October 2007.
Also Tuesday, Deutsche Bank reported better than expected second quarter earnings, easing fears over the banks exposure to sovereign debt and helping boost risk appetite.
The pound was also up against the euro, with EUR/GBP shedding 0.02% to hit 0.8388.
Later in the day, the U.S. was to release data on consumer confidence and house prices.
GBP/USD hit 1.5532 during European morning trade, the pair's highest since Feb. 23; the pair subsequently consolidated at 1.5485, gaining 0.04%.
Cable was likely to find support at 1.5408, Monday's low and resistance at 1.5574, the high of Feb. 23.
Earlier in the day, data showed that Germany's consumer climate improved more than expected in July, rising to its highest level since October 2007.
Also Tuesday, Deutsche Bank reported better than expected second quarter earnings, easing fears over the banks exposure to sovereign debt and helping boost risk appetite.
The pound was also up against the euro, with EUR/GBP shedding 0.02% to hit 0.8388.
Later in the day, the U.S. was to release data on consumer confidence and house prices.