Investing.com - The pound was higher against the U.S. dollar on Wednesday, as U.S. markets prepared to reopen following a two-day closure for Hurricane Sandy, while robust German data also boosted risk appetite.
GBP/USD hit 1.6136 during European morning trade, the pair’s highest since October 26; the pair subsequently consolidated at 1.6127, gaining 0.34%.
Cable was likely to find support at 1.6067, the session low and resistance at 1.6177, the high of October 17.
Market sentiment was boosted after official data showed that German retail sales rose 1.5% in September, the fastest pace since June 2011, easily beating expectations for a 0.3% increase.
Investors were eyeing euro zone unemployment and inflation data later in the session, amid concerns over the impact of the region’s crisis on growth.
The pound remained supported after stronger than expected retail sales data from the Confederation of British Industry on Tuesday dampened expectations for more easing by the Bank of England and fuelled hopes for a sustained economic recovery.
Sterling was little changed against the euro, with EUR/GBP inching up 0.02% to 0.8062.
Later Wednesday, the U.S. was to produce official data on manufacturing activity in Chicago, as well as a government report on crude oil inventories.
GBP/USD hit 1.6136 during European morning trade, the pair’s highest since October 26; the pair subsequently consolidated at 1.6127, gaining 0.34%.
Cable was likely to find support at 1.6067, the session low and resistance at 1.6177, the high of October 17.
Market sentiment was boosted after official data showed that German retail sales rose 1.5% in September, the fastest pace since June 2011, easily beating expectations for a 0.3% increase.
Investors were eyeing euro zone unemployment and inflation data later in the session, amid concerns over the impact of the region’s crisis on growth.
The pound remained supported after stronger than expected retail sales data from the Confederation of British Industry on Tuesday dampened expectations for more easing by the Bank of England and fuelled hopes for a sustained economic recovery.
Sterling was little changed against the euro, with EUR/GBP inching up 0.02% to 0.8062.
Later Wednesday, the U.S. was to produce official data on manufacturing activity in Chicago, as well as a government report on crude oil inventories.