Investing.com - The pound hit fresh session highs against the U.S. dollar in light trade on Monday, as demand for riskier assets remained supported by Friday's strong U.S. employment report.
GBP/USD hit 1.6395 during U.S. morning trade, the pair's highest since December 5; the pair subsequently consolidated at 1.6391, adding 0.27%.
Cable was likely to find support at 1.6278, the low of November 28 and resistance at 1.6437, the high of December 3.
Friday’s U.S. nonfarm payrolls report showed that the economy added 203,000 jobs in November, well above expectations for jobs growth of 180,000. The unemployment rate fell to a five year low of 7.0%.
The data bolstered optimism over the outlook for the economic recovery and reinforced expectations that the Fed will start reducing its USD85 billion-a-month stimulus program at one of its next few meetings.
Separately, the pound also remained supported after a recent series of upbeat U.K. data indicated that the economic recovery is deepening, boosting hopes that the Bank of England may tighten monetary policy before other central banks.
Sterling was higher against the euro, with EUR/GBP edging down 0.14% to 0.8372.
In the euro zone, data showed that Germany's trade surplus narrowed in October as imports grew faster than exports, shrinking to EUR16.8 billion from EUR18.7 billion in September.
The euro shrugged off a report showing that German industrial production unexpectedly declined by 1.2% in October, missing expectations for a 0.8% rise.
GBP/USD hit 1.6395 during U.S. morning trade, the pair's highest since December 5; the pair subsequently consolidated at 1.6391, adding 0.27%.
Cable was likely to find support at 1.6278, the low of November 28 and resistance at 1.6437, the high of December 3.
Friday’s U.S. nonfarm payrolls report showed that the economy added 203,000 jobs in November, well above expectations for jobs growth of 180,000. The unemployment rate fell to a five year low of 7.0%.
The data bolstered optimism over the outlook for the economic recovery and reinforced expectations that the Fed will start reducing its USD85 billion-a-month stimulus program at one of its next few meetings.
Separately, the pound also remained supported after a recent series of upbeat U.K. data indicated that the economic recovery is deepening, boosting hopes that the Bank of England may tighten monetary policy before other central banks.
Sterling was higher against the euro, with EUR/GBP edging down 0.14% to 0.8372.
In the euro zone, data showed that Germany's trade surplus narrowed in October as imports grew faster than exports, shrinking to EUR16.8 billion from EUR18.7 billion in September.
The euro shrugged off a report showing that German industrial production unexpectedly declined by 1.2% in October, missing expectations for a 0.8% rise.