Investing.com – The pound was higher against the U.S. dollar on Monday, after data showed that the rate of growth in the U.K.’s construction sector slowed only slightly in March from February's eight-month high.
GBP/USD hit 1.6176 during European morning trade, the pair’s highest since March 24; the pair subsequently consolidated at 1.6125, gaining 0.09%.
Cable was likely to find support at 1.5970, Friday’s low and resistance at 1.6266, the high of March 24.
The Markit/CIPS construction purchasing manager’s index eased to 56.4 in March from 56.5 the previous month. Analysts had expected the PMI to decline to 54.8 last month.
The pound was also boosted by expectations for mergers and acquisitions inflows after U.K. telecom’s company Vodafone agreed to sell its stake in France's SFR for EUR7.75 billion.
The pound was also higher against the euro, with EUR/GBP shedding 0.34% to hit 0.8804.
Later Monday, the Chairman of the U.S. Federal Reserve, Ben Bernanke was to speak.
GBP/USD hit 1.6176 during European morning trade, the pair’s highest since March 24; the pair subsequently consolidated at 1.6125, gaining 0.09%.
Cable was likely to find support at 1.5970, Friday’s low and resistance at 1.6266, the high of March 24.
The Markit/CIPS construction purchasing manager’s index eased to 56.4 in March from 56.5 the previous month. Analysts had expected the PMI to decline to 54.8 last month.
The pound was also boosted by expectations for mergers and acquisitions inflows after U.K. telecom’s company Vodafone agreed to sell its stake in France's SFR for EUR7.75 billion.
The pound was also higher against the euro, with EUR/GBP shedding 0.34% to hit 0.8804.
Later Monday, the Chairman of the U.S. Federal Reserve, Ben Bernanke was to speak.