Investing.com - The pound strengthened against the dollar on Friday in wake of strong retail sales data out of the U.K. coupled with risk-on buying in markets worldwide, which sent the dollar falling amid demand most of the world's major currencies.
In U.S. trading on Friday, GBP/USD hit 1.6134, up 0.51%, up from a session low of 1.6038 and off from a high of 1.6143.
The pair was likely to find support at 1.5771, the low of March 22, and resistance at 1.6143, the earlier high.
Strong sales figures sent the pound firming.
In the U.K., monthly retail sales rose more than expected to a seasonally adjusted 1.8% in March, from -0.8% in the preceding month.
Yearly retail sales rose by 3.3%, which also drew applause from the markets.
The numbers sparked demand for the U.K. currency, especially in a global session that saw appetite for the greenback ease on positive indicators out of Europe.
In Europe, the German Ifo Business Climate Index for April rose to 109.9 from 109.8 the previous month, outpacing expectations for the figure to drop to 109.5.
April's figure represented a nine-month high.
Germany is Europe's largest economy and improving morale there bodes well for the continent.
Meanwhile, International Monetary Fund Managing Director Christine Lagarde said she expects member countries to contribute more to a financial firewall to contain the European debt crisis.
Good news in the U.K. and on the continent sparked a risk-on trading session that sent the dollar falling and pound rising.
The pound, meanwhile, was down against the euro and up against the yen, with EUR/GBP up 0.10% and trading at 0.8192 and GBP/JPY up 0.44% at 131.58.
In U.S. trading on Friday, GBP/USD hit 1.6134, up 0.51%, up from a session low of 1.6038 and off from a high of 1.6143.
The pair was likely to find support at 1.5771, the low of March 22, and resistance at 1.6143, the earlier high.
Strong sales figures sent the pound firming.
In the U.K., monthly retail sales rose more than expected to a seasonally adjusted 1.8% in March, from -0.8% in the preceding month.
Yearly retail sales rose by 3.3%, which also drew applause from the markets.
The numbers sparked demand for the U.K. currency, especially in a global session that saw appetite for the greenback ease on positive indicators out of Europe.
In Europe, the German Ifo Business Climate Index for April rose to 109.9 from 109.8 the previous month, outpacing expectations for the figure to drop to 109.5.
April's figure represented a nine-month high.
Germany is Europe's largest economy and improving morale there bodes well for the continent.
Meanwhile, International Monetary Fund Managing Director Christine Lagarde said she expects member countries to contribute more to a financial firewall to contain the European debt crisis.
Good news in the U.K. and on the continent sparked a risk-on trading session that sent the dollar falling and pound rising.
The pound, meanwhile, was down against the euro and up against the yen, with EUR/GBP up 0.10% and trading at 0.8192 and GBP/JPY up 0.44% at 131.58.