Investing.com - The pound advanced to a session high against the U.S. dollar in quiet trade on Thursday, as traders remained on the sidelines ahead of a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke on Friday.
GBP/USD hit 1.5865 during European afternoon trade, the pair’s highest since August 24; the pair subsequently consolidated at 1.5863, rising 0.20%.
Cable was likely to find support at 1.5753, Tuesday’s low and near-term resistance at 1.5881, the high of August 22.
Investors remained cautious ahead of Bernanke’s speech at a symposium in Jackson Hole, Wyoming, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Revised data on Wednesday showed that the U.S. economy expanded by 1.7% in the second quarter, up from the initial estimate of 1.5% and in line with expectations, on the back of higher consumer spending.
A separate report showed that U.S. pending home sales rose to the highest level since April 2010 in July, increasing by 2.4% after declining 1.4% the previous month.
Elsewhere, Italy saw borrowing costs ease at an auction of five and 10-year bonds earlier, reflecting expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on September 6.
In the U.K., official data showed that net lending to individuals increased by GBP0.9 billion in July, below expectations for a GBP1.1 billion increase.
A separate report showed that U.K. mortgage approvals rose to 47,000 in July, in line with expectations, coming off June’s 18-month low of 44,000.
Sterling was slightly higher against the euro, with EUR/GBP slipping 0.10% to 0.7905.
Later in the day, the U.S. was to release official data on personal income as well as a weekly report on jobless claims.
GBP/USD hit 1.5865 during European afternoon trade, the pair’s highest since August 24; the pair subsequently consolidated at 1.5863, rising 0.20%.
Cable was likely to find support at 1.5753, Tuesday’s low and near-term resistance at 1.5881, the high of August 22.
Investors remained cautious ahead of Bernanke’s speech at a symposium in Jackson Hole, Wyoming, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Revised data on Wednesday showed that the U.S. economy expanded by 1.7% in the second quarter, up from the initial estimate of 1.5% and in line with expectations, on the back of higher consumer spending.
A separate report showed that U.S. pending home sales rose to the highest level since April 2010 in July, increasing by 2.4% after declining 1.4% the previous month.
Elsewhere, Italy saw borrowing costs ease at an auction of five and 10-year bonds earlier, reflecting expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on September 6.
In the U.K., official data showed that net lending to individuals increased by GBP0.9 billion in July, below expectations for a GBP1.1 billion increase.
A separate report showed that U.K. mortgage approvals rose to 47,000 in July, in line with expectations, coming off June’s 18-month low of 44,000.
Sterling was slightly higher against the euro, with EUR/GBP slipping 0.10% to 0.7905.
Later in the day, the U.S. was to release official data on personal income as well as a weekly report on jobless claims.