Investing.com – The pound remained higher against the U.S. dollar on Monday, boosted by better-than-expected U.K. construction data and expectations for currency inflows after U.K. telecom provider Vodafone agreed to sell its stake in French mobile operator SFR.
GBP/USD hit 1.6177 during U.S. morning trade, the pair’s highest since March 24; the pair subsequently consolidated at 1.6136, gaining 0.16%.
Cable was likely to find support at 1.5970, Friday’s low and resistance at 1.6266, the high of March 24.
Earlier in the day, U.K. mobile-network operator Vodafone agreed to sell its 44% stake in French mobile operator SFR to French media giant Vivendi for approximately EUR7.95 billion.
Also Monday, data showed that the rate of growth in the U.K.’s construction sector slowed only slightly in March from February's eight-month high.
The Markit/CIPS construction purchasing manager’s index eased to 56.4 in March from 56.5 the previous month. Analysts had expected the PMI to decline to 54.8 last month.
The pound was also higher against the euro, with EUR/GBP shedding 0.17% to hit 0.8820.
Later Monday, the Chairman of the U.S. Federal Reserve, Ben Bernanke was to speak.
GBP/USD hit 1.6177 during U.S. morning trade, the pair’s highest since March 24; the pair subsequently consolidated at 1.6136, gaining 0.16%.
Cable was likely to find support at 1.5970, Friday’s low and resistance at 1.6266, the high of March 24.
Earlier in the day, U.K. mobile-network operator Vodafone agreed to sell its 44% stake in French mobile operator SFR to French media giant Vivendi for approximately EUR7.95 billion.
Also Monday, data showed that the rate of growth in the U.K.’s construction sector slowed only slightly in March from February's eight-month high.
The Markit/CIPS construction purchasing manager’s index eased to 56.4 in March from 56.5 the previous month. Analysts had expected the PMI to decline to 54.8 last month.
The pound was also higher against the euro, with EUR/GBP shedding 0.17% to hit 0.8820.
Later Monday, the Chairman of the U.S. Federal Reserve, Ben Bernanke was to speak.