Investing.com - The pound remained higher against the U.S. dollar on Thursday, trading close to a one-week high, supported by upbeat U.S. data on durable goods and jobless claims and stronger-than-expected U.K. data on third quarter growth.
GBP/USD hit 1.6144 during U.S. morning trade, the pair's highest since October 18; the pair subsequently consolidated at 1.6130, climbing 0.58%.
Cable was likely to find support at 1.6027, the session low and resistance at 1.6217, the high of October 5.
Sentiment strangthened after the Commerce Department said U.S. durable goods orders, which include transportation items, jumped by a seasonally adjusted 9.9% in September, compared to expectations for a 7.1% gain.
Durable goods for August were revised to a 13.1% drop from a previously reported decline of 13.2%.
Core durable goods orders, excluding volatile transportation items, rose by a seasonally adjusted 2.0% last month, beating expectations for a 0.8% gain.
Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week fell to 369,000, from 392,000 the previous week, compared to expectations for a decrease to 370,000.
The previous week’s figure was revised up to 392,000 from a previously reported 388,000.
Demand for the pound was boosted earlier after official data showed that the U.K. exited a recession in the third quarter, with the economy growing at the fastest rate since the third quarter of 2007.
The Office of National Statistics said U.K. gross domestic product expanded by 1.0% in the three months October, pulling the economy out of the longest double dip recession since 1955.
Economists had forecast growth of 0.6%, following a 0.4% contraction in the second quarter.
The increase in third quarter growth was boosted by ticket sales for the London Olympics, as well as a rebound following an extra public holiday for the Queen’s Jubilee in the second quarter.
The pound was also sharply higher against the euro with EUR/GBP dropping 0.70, to hit 0.8032.
Also Thursday, industry data showed that U.S. pending home sales rose by 0.3% in September, below expectations for a 2.1% gain.
Pending home sales in August fell by an unrevised 2.6%.
GBP/USD hit 1.6144 during U.S. morning trade, the pair's highest since October 18; the pair subsequently consolidated at 1.6130, climbing 0.58%.
Cable was likely to find support at 1.6027, the session low and resistance at 1.6217, the high of October 5.
Sentiment strangthened after the Commerce Department said U.S. durable goods orders, which include transportation items, jumped by a seasonally adjusted 9.9% in September, compared to expectations for a 7.1% gain.
Durable goods for August were revised to a 13.1% drop from a previously reported decline of 13.2%.
Core durable goods orders, excluding volatile transportation items, rose by a seasonally adjusted 2.0% last month, beating expectations for a 0.8% gain.
Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week fell to 369,000, from 392,000 the previous week, compared to expectations for a decrease to 370,000.
The previous week’s figure was revised up to 392,000 from a previously reported 388,000.
Demand for the pound was boosted earlier after official data showed that the U.K. exited a recession in the third quarter, with the economy growing at the fastest rate since the third quarter of 2007.
The Office of National Statistics said U.K. gross domestic product expanded by 1.0% in the three months October, pulling the economy out of the longest double dip recession since 1955.
Economists had forecast growth of 0.6%, following a 0.4% contraction in the second quarter.
The increase in third quarter growth was boosted by ticket sales for the London Olympics, as well as a rebound following an extra public holiday for the Queen’s Jubilee in the second quarter.
The pound was also sharply higher against the euro with EUR/GBP dropping 0.70, to hit 0.8032.
Also Thursday, industry data showed that U.S. pending home sales rose by 0.3% in September, below expectations for a 2.1% gain.
Pending home sales in August fell by an unrevised 2.6%.