Investing.com - The pound was almost unchanged against the dollar on Thursday as investors awaited the Bank of England’s monetary policy announcement later in the session.
GBP/USD hit 1.6092 during European morning trade, the session high; the pair subsequently consolidated at 1.6073, dipping 0.04%.
Cable was likely to find support at 1.6020 and resistance at 1.6143, the high of October 29.
Sterling rose to one week highs against the dollar on Wednesday and hit fresh five-week highs against the euro after data showed that U.K. factory output rose more than expected in September, bolstering the outlook for the economic recovery.
Industrial production rose 0.9% in September, compared to expectations for a 0.5% increase and was 2.2% higher than in the same month last year.
The data came one day after a report showed that Britain’s dominant services sector expanded at the fastest rate in 16 years in October.
The pound was fractionally lower against the euro, with EUR/GBP edging up 0.06% to 0.8410.
The euro remained supported as expectations for a rate cut by the European Central Bank at its monthly rate setting meeting later on Thursday waned.
While no policy change was expected from the ECB many investors still expected the bank to signal the possibility of further monetary policy easing at its next meeting in December after weak euro zone inflation data last week.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
GBP/USD hit 1.6092 during European morning trade, the session high; the pair subsequently consolidated at 1.6073, dipping 0.04%.
Cable was likely to find support at 1.6020 and resistance at 1.6143, the high of October 29.
Sterling rose to one week highs against the dollar on Wednesday and hit fresh five-week highs against the euro after data showed that U.K. factory output rose more than expected in September, bolstering the outlook for the economic recovery.
Industrial production rose 0.9% in September, compared to expectations for a 0.5% increase and was 2.2% higher than in the same month last year.
The data came one day after a report showed that Britain’s dominant services sector expanded at the fastest rate in 16 years in October.
The pound was fractionally lower against the euro, with EUR/GBP edging up 0.06% to 0.8410.
The euro remained supported as expectations for a rate cut by the European Central Bank at its monthly rate setting meeting later on Thursday waned.
While no policy change was expected from the ECB many investors still expected the bank to signal the possibility of further monetary policy easing at its next meeting in December after weak euro zone inflation data last week.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.