Investing.com – Last week saw the pound trim gains against the U.S. dollar on Friday, retreating from a 5-week high as risk appetite soured amid fresh euro zone sovereign debt concerns and after worse-than-expected U.S. economic data.
GBP/USD hit 1.5728 on Friday, the pair's highest since August 11; the pair subsequently consolidated at 1.5629 by close of trade, gaining 1.68% over the week.
Cable is likely to find support at 1.5448, last Wednesday's low and resistance at 1.5862, the high of August 11.
Risk appetite soured after preliminary data released Friday showed that consumer sentiment in the U.S. unexpectedly fell in September, hitting its lowest level since August 2009. Also Friday, Ireland's finance minister denied reports that Ireland would be forced to seek assistance from the International Monetary Fund.
Also last week, official data showed that retail sales in the U.K. fell unexpectedly in August. Meanwhile, a separate report showed that consumer price inflation in the U.K. rose unexpectedly in August.
In the week ahead, the U.S. Federal Reserve is to announce its benchmark interest rate. The U.S. is also to release several reports on the housing sector as well as a weekly report on initial jobless claims.
The country is also to release key data on manufacturing production while Federal Reserve chairman Ben Bernanke is to speak at a public engagement.
Meanwhile, Britain is to produce key data on its housing sector and public borrowing while the Bank of England is to publish the minutes of the most recent meeting of its monetary policy committee.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect GBP/USD.
Monday, September 20
The U.S. is to begin the week by publishing industry data on home sales, a leading indicator of economic health.
Meanwhile, Britain is to publish preliminary data on mortgage approvals, an important indicator of economic health.
Tuesday, September 21
The U.S. Federal Reserve is to announce its benchmark interest rate. The announcement will be followed by the release of the closely watched rate statement, which discusses economic outlook.
The U.S. is also to release key data on building permits and housing starts, leading indicators of growth in the construction sector.
Also Tuesday, Britain is to publish official data on public sector borrowing.
Wednesday, September 22
The Bank of England is to publish the minutes of the most recent meeting of the monetary policy committee. The data provides in-depth insights into the economic conditions that influenced the committee's decision on where to set interest rates.
Thursday, September 23
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health, as well as data on existing home sales. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Britain is to publish industry data on mortgage approvals, a leading indicator of economic health.
Friday, September 24
The U.S. is to end the week by producing key data on durable goods orders, a leading indicator of manufacturing production. The country is also to produce data on new home sales, a leading indicator of growth in the housing sector.
Later in the day, Federal Reserve Chairman Ben Bernanke is expected to deliver a speech on the U.S. economy. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
GBP/USD hit 1.5728 on Friday, the pair's highest since August 11; the pair subsequently consolidated at 1.5629 by close of trade, gaining 1.68% over the week.
Cable is likely to find support at 1.5448, last Wednesday's low and resistance at 1.5862, the high of August 11.
Risk appetite soured after preliminary data released Friday showed that consumer sentiment in the U.S. unexpectedly fell in September, hitting its lowest level since August 2009. Also Friday, Ireland's finance minister denied reports that Ireland would be forced to seek assistance from the International Monetary Fund.
Also last week, official data showed that retail sales in the U.K. fell unexpectedly in August. Meanwhile, a separate report showed that consumer price inflation in the U.K. rose unexpectedly in August.
In the week ahead, the U.S. Federal Reserve is to announce its benchmark interest rate. The U.S. is also to release several reports on the housing sector as well as a weekly report on initial jobless claims.
The country is also to release key data on manufacturing production while Federal Reserve chairman Ben Bernanke is to speak at a public engagement.
Meanwhile, Britain is to produce key data on its housing sector and public borrowing while the Bank of England is to publish the minutes of the most recent meeting of its monetary policy committee.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect GBP/USD.
Monday, September 20
The U.S. is to begin the week by publishing industry data on home sales, a leading indicator of economic health.
Meanwhile, Britain is to publish preliminary data on mortgage approvals, an important indicator of economic health.
Tuesday, September 21
The U.S. Federal Reserve is to announce its benchmark interest rate. The announcement will be followed by the release of the closely watched rate statement, which discusses economic outlook.
The U.S. is also to release key data on building permits and housing starts, leading indicators of growth in the construction sector.
Also Tuesday, Britain is to publish official data on public sector borrowing.
Wednesday, September 22
The Bank of England is to publish the minutes of the most recent meeting of the monetary policy committee. The data provides in-depth insights into the economic conditions that influenced the committee's decision on where to set interest rates.
Thursday, September 23
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health, as well as data on existing home sales. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Britain is to publish industry data on mortgage approvals, a leading indicator of economic health.
Friday, September 24
The U.S. is to end the week by producing key data on durable goods orders, a leading indicator of manufacturing production. The country is also to produce data on new home sales, a leading indicator of growth in the housing sector.
Later in the day, Federal Reserve Chairman Ben Bernanke is expected to deliver a speech on the U.S. economy. His comments will be closely scrutinized for any clues to the future direction of monetary policy.