Investing.com - The pound remained close to session highs against the U.S. dollar in light trading conditions on Tuesday, after industry data showed that U.K. retail sales rose to a four-month high in October.
GBP/USD hit 1.6081 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6069, rising 0.23%.
Cable was likely to find support at 1.6005, Monday’s low and resistance at 1.6140, Friday’s high.
The Confederation of British Industry’s distributive trades survey showed that the sales balance jumped to 30 from 6 in September. Analysts had forecast a reading of 7.
The upbeat data diminished expectations for further easing measures by the Bank of England.
Market sentiment found some support after the initial damage caused by Hurricane Sandy appeared to have been less severe that some had feared.
Meanwhile, in the euro zone Italy saw borrowing costs fall to the lowest level since May 2011 at an auction of five- and ten-year government bonds.
Elsewhere, official data showed that the Spanish economy contracted by 0.3% in the third quarter, below expectations for a 0.4% contraction, extending the country’s recession into a fourth quarter.
The pound was lower against the euro, with EUR/GBP up 0.19% to 0.8063.
Trade volumes were expected to remain light on Tuesday, as U.S. markets were set to remain closed for a second day as a result of Hurricane Sandy.
GBP/USD hit 1.6081 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6069, rising 0.23%.
Cable was likely to find support at 1.6005, Monday’s low and resistance at 1.6140, Friday’s high.
The Confederation of British Industry’s distributive trades survey showed that the sales balance jumped to 30 from 6 in September. Analysts had forecast a reading of 7.
The upbeat data diminished expectations for further easing measures by the Bank of England.
Market sentiment found some support after the initial damage caused by Hurricane Sandy appeared to have been less severe that some had feared.
Meanwhile, in the euro zone Italy saw borrowing costs fall to the lowest level since May 2011 at an auction of five- and ten-year government bonds.
Elsewhere, official data showed that the Spanish economy contracted by 0.3% in the third quarter, below expectations for a 0.4% contraction, extending the country’s recession into a fourth quarter.
The pound was lower against the euro, with EUR/GBP up 0.19% to 0.8063.
Trade volumes were expected to remain light on Tuesday, as U.S. markets were set to remain closed for a second day as a result of Hurricane Sandy.