Investing.com – The pound extended gains against the U.S. dollar on Tuesday, rising to hit a fresh 11-day high, as risk sentiment increased after upbeat data on U.S. retail sales.
GBP/USD hit 1.5566 during European afternoon trade, the pair’s highest since August 30; the pair subsequently consolidated at 1.5562, gaining 0.87%.
Cable was likely to find support at 1.5351, Monday’s low, and resistance at 1.5597, the high of August 26.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.15% to hit 0.8362.
Also Tuesday, official data showed that consumer price inflation in the U.K. was unchanged in August, holding steady at 3.1%.
GBP/USD hit 1.5566 during European afternoon trade, the pair’s highest since August 30; the pair subsequently consolidated at 1.5562, gaining 0.87%.
Cable was likely to find support at 1.5351, Monday’s low, and resistance at 1.5597, the high of August 26.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.15% to hit 0.8362.
Also Tuesday, official data showed that consumer price inflation in the U.K. was unchanged in August, holding steady at 3.1%.