Investing.com – The pound extended gains against the U.S. dollar on Wednesday, rising to a fresh daily high after data showed that U.K. manufacturing growth unexpectedly rose at the fastest pace in 16 years in November.
GBP/USD hit 1.5649 during European afternoon trade, the daily high; the pair subsequently consolidated at 1.5619, gaining 0.36%.
Cable was likely to find support at 1.5448, the low of September 15 and resistance at 1.5771, the high of November 26.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October. Analysts had expected the manufacturing PMI to fall to 54.7 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
New export orders rose the fastest in seven months, and employment increased the quickest since the survey began in 1992, the report said.
David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
Meanwhile, the pound was down against the euro, with EUR/GBP climbing 0.66% to hit 0.8396.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official data on manufacturing activity. In addition, the Federal Reserve was to publish its Beige Book.
GBP/USD hit 1.5649 during European afternoon trade, the daily high; the pair subsequently consolidated at 1.5619, gaining 0.36%.
Cable was likely to find support at 1.5448, the low of September 15 and resistance at 1.5771, the high of November 26.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October. Analysts had expected the manufacturing PMI to fall to 54.7 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
New export orders rose the fastest in seven months, and employment increased the quickest since the survey began in 1992, the report said.
David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
Meanwhile, the pound was down against the euro, with EUR/GBP climbing 0.66% to hit 0.8396.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official data on manufacturing activity. In addition, the Federal Reserve was to publish its Beige Book.