Investing.com - The pound hit a one-week high against the U.S. dollar on Thursday, after official data showed that the U.K. economy exited a recession in the third quarter, with gross domestic product expanding at the fastest pace since the third quarter of 2007.
USD/GBP hit 1.6135 during European morning trade, the pair’s highest since October 18; the pair subsequently consolidated at 1.6108, gaining 0.44%.
Cable was likely to find support at 1.6025, the session low and resistance at 1.6216, the high of October 5.
The Office of National Statistics said U.K. GDP expanded by 1.0% in the three months to September, pulling the economy out of the longest double dip recession since 1955 and outstripping expectations for a 0.6% gain.
Growth was flat in the third quarter from a year earlier, compared to expectations for a 0.5% decline.
The ONS said the U.K. service sector output increased 1.3% and industrial output was up 1.1%, but construction sector output dropped by 2.5% in the third quarter.
The pound extended gains against the euro, with EUR/GBP down 0.18% to 0.8074.
Later Thursday, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims.
USD/GBP hit 1.6135 during European morning trade, the pair’s highest since October 18; the pair subsequently consolidated at 1.6108, gaining 0.44%.
Cable was likely to find support at 1.6025, the session low and resistance at 1.6216, the high of October 5.
The Office of National Statistics said U.K. GDP expanded by 1.0% in the three months to September, pulling the economy out of the longest double dip recession since 1955 and outstripping expectations for a 0.6% gain.
Growth was flat in the third quarter from a year earlier, compared to expectations for a 0.5% decline.
The ONS said the U.K. service sector output increased 1.3% and industrial output was up 1.1%, but construction sector output dropped by 2.5% in the third quarter.
The pound extended gains against the euro, with EUR/GBP down 0.18% to 0.8074.
Later Thursday, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims.