Investing.com – The pound was up against the U.S. dollar on Tuesday, soaring to a 4-day high after the release of significantly better-than-expected U.K. third quarter GDP data.
GBP/USD hit 1.5869 during European morning trade, the pair’s highest since October 20; the pair subsequently consolidated at 1.5859, soaring 0.87%.
Cable was likely to find support at 1.5663, Monday’s low and resistance at 1.6002, the high of October 18.
Earlier in the day, the U.K. Office for National Statistics said that GDP increased by a seasonally adjusted 0.8% in the third quarter, after rising by a revised 1.2% in the preceding quarter. Analysts had expected GDP to rise 0.4% in the third quarter.
The report said that the increase was due to strong growth in the services, production and construction sectors. Total services output rose 0.6% in the third quarter while total production output also rose 0.6% and construction output rose 4.0%.
The pound was also up against the euro, with EUR/GBP tumbling 0.89% to hit 0.8802.
Later in the day, the U.S. was to release industry data on consumer confidence and house prices as well as official data on manufacturing.
GBP/USD hit 1.5869 during European morning trade, the pair’s highest since October 20; the pair subsequently consolidated at 1.5859, soaring 0.87%.
Cable was likely to find support at 1.5663, Monday’s low and resistance at 1.6002, the high of October 18.
Earlier in the day, the U.K. Office for National Statistics said that GDP increased by a seasonally adjusted 0.8% in the third quarter, after rising by a revised 1.2% in the preceding quarter. Analysts had expected GDP to rise 0.4% in the third quarter.
The report said that the increase was due to strong growth in the services, production and construction sectors. Total services output rose 0.6% in the third quarter while total production output also rose 0.6% and construction output rose 4.0%.
The pound was also up against the euro, with EUR/GBP tumbling 0.89% to hit 0.8802.
Later in the day, the U.S. was to release industry data on consumer confidence and house prices as well as official data on manufacturing.