Investing.com – The pound surged to hit a 3-month high against the U.S. dollar on Monday, after data released Friday showed that Britain's economy grew more than expected in the second quarter.
GBP/USD hit 1.5501 during early European trade, the pairs highest since April 26; the pair subsequently consolidated at 1.5483, gaining 0.35%.
Cable was likely to find support at 1.5255, last Friday's low and resistance at 1.5687, the high of Feb. 18.
On Friday, Britain's Office for National Statistics said gross domestic product increased by a seasonally adjusted 1.1% in the second quarter, after expanding 0.3% in the previous quarter.
Economists had expected GDP to increase by 0.6% in the second quarter.
The pound was also up against the euro, with EUR/GBP shedding 0.20% to hit 0.8359.
Later in the day, the U.S. was due to release data on new home sales.
GBP/USD hit 1.5501 during early European trade, the pairs highest since April 26; the pair subsequently consolidated at 1.5483, gaining 0.35%.
Cable was likely to find support at 1.5255, last Friday's low and resistance at 1.5687, the high of Feb. 18.
On Friday, Britain's Office for National Statistics said gross domestic product increased by a seasonally adjusted 1.1% in the second quarter, after expanding 0.3% in the previous quarter.
Economists had expected GDP to increase by 0.6% in the second quarter.
The pound was also up against the euro, with EUR/GBP shedding 0.20% to hit 0.8359.
Later in the day, the U.S. was due to release data on new home sales.