Investing.com – The pound held early gains against the U.S. dollar on Monday, trading at an intra-day high, following the release of better-than-expected U.S. data on existing home sales.
GBP/USD hit 1.5774 during early European trade, the pair’s highest since last Thursday, the pair subsequently consolidated at 1.5746, gaining 0.41%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.5848, the high of October 21.
Earlier in the day, U.K. Prime Minister David Cameron outlined his strategy for growth for Britain’s private sector and said his government would adopt a “forensic, relentless focus on growth” in the coming years.
“British business should have no more vocal a champion that the British government and that’s why I have put the promotion of British commerce and trade at the heart of our foreign and economic policy,” said the prime minister.
The pound was also up against the euro, with EUR/GBP shedding 0.15% to hit 0.8880.
Also Monday, U.S. industry data showed that existing home sales rose more-than-expected in September, rising for the second consecutive month.
GBP/USD hit 1.5774 during early European trade, the pair’s highest since last Thursday, the pair subsequently consolidated at 1.5746, gaining 0.41%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.5848, the high of October 21.
Earlier in the day, U.K. Prime Minister David Cameron outlined his strategy for growth for Britain’s private sector and said his government would adopt a “forensic, relentless focus on growth” in the coming years.
“British business should have no more vocal a champion that the British government and that’s why I have put the promotion of British commerce and trade at the heart of our foreign and economic policy,” said the prime minister.
The pound was also up against the euro, with EUR/GBP shedding 0.15% to hit 0.8880.
Also Monday, U.S. industry data showed that existing home sales rose more-than-expected in September, rising for the second consecutive month.