Investing.com – The pound surged to a fresh 10-week high against the U.S. dollar on Thursday, as sentiment towards sterling continued to improve and after data showed Britain's unemployment rate fell in June.
GBP/USD hit 1.5325 during European morning trade, the pairs highest since April 30; the pair subsequently consolidated at 1.5314, gaining 0.30%.
The pair was likely to find support at 1.5172, Wednesday's low and resistance at 1.5483, the high of April 27.
Investor sentiment towards the pound has been steadily improving as Britain has implemented measures to stave off a euro zone type debt crisis. On Wednesday, official data showed that Britain's unemployment rate fell to a 15-month low of 4.5% in June.
Earlier in the week, official data showed that Britain’s inflation rate was above the Bank of England's target, with prices rising 3.2% annually. This has raised expectations that the BoE could move faster than currently expected to raise interest rates.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.13% to hit 0.8335.
Later in the day, the U.S. was to publish key data on initial jobless claims.
GBP/USD hit 1.5325 during European morning trade, the pairs highest since April 30; the pair subsequently consolidated at 1.5314, gaining 0.30%.
The pair was likely to find support at 1.5172, Wednesday's low and resistance at 1.5483, the high of April 27.
Investor sentiment towards the pound has been steadily improving as Britain has implemented measures to stave off a euro zone type debt crisis. On Wednesday, official data showed that Britain's unemployment rate fell to a 15-month low of 4.5% in June.
Earlier in the week, official data showed that Britain’s inflation rate was above the Bank of England's target, with prices rising 3.2% annually. This has raised expectations that the BoE could move faster than currently expected to raise interest rates.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.13% to hit 0.8335.
Later in the day, the U.S. was to publish key data on initial jobless claims.