Investing.com – The pound was higher against the U.S. dollar on Thursday, climbing to a daily high, as the absence of a deal on raising the U.S. debt ceiling saw the greenback remain under heavy selling pressure.
GBP/USD hit 1.6364 during early European trade, the daily high; the pair subsequently consolidated at 1.6353, gaining 0.13%.
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.
Later in the day, the House of Representatives was to vote on a debt-limit increase plan, proposed by House Speaker John Boehner. However, President Barack Obama has threatened to veto the bill and a majority of the Democratic-controlled Senate has vowed to vote against it.
Meanwhile, Treasury Department officials have warned that the U.S. could begin defaulting on its obligations after Tuesday if Congress doesn't raise the USD14.3 trillion debt ceiling.
Meanwhile, the pound was almost unchanged against the euro, with EUR/GBP dipping 0.01% to hit 0.8797.
Also Thursday, the U.S. was to release government data on unemployment claims and pending home sales, while the U.K. was to publish industry data on retail sales.
GBP/USD hit 1.6364 during early European trade, the daily high; the pair subsequently consolidated at 1.6353, gaining 0.13%.
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.
Later in the day, the House of Representatives was to vote on a debt-limit increase plan, proposed by House Speaker John Boehner. However, President Barack Obama has threatened to veto the bill and a majority of the Democratic-controlled Senate has vowed to vote against it.
Meanwhile, Treasury Department officials have warned that the U.S. could begin defaulting on its obligations after Tuesday if Congress doesn't raise the USD14.3 trillion debt ceiling.
Meanwhile, the pound was almost unchanged against the euro, with EUR/GBP dipping 0.01% to hit 0.8797.
Also Thursday, the U.S. was to release government data on unemployment claims and pending home sales, while the U.K. was to publish industry data on retail sales.