Investing.com - The pound pushed higher against the dollar on Wednesday, but gains were limited ahead of U.K. data on first quarter economic growth on Thursday amid ongoing concerns over the outlook for the economic recovery.
GBP/USD hit 1.5288 during European afternoon trade, the session high; the pair subsequently consolidated at 1.5269, rising 0.20%.
Cable was likely to find support at 1.5195, Tuesday’s low and near-term resistance at 1.5296, Tuesday’s high.
Market sentiment was boosted as European equities climbed amid growing expectations that the European Central Bank will cut interest rates, while hopes that Italy will soon have a government also lent support.
Earlier Wednesday, Enrico Letta, deputy leader of the Democratic Party was asked to form Italy's next government by President Giorgio Napolitano.
The news offset data showing that the Ifo index of German business climate fell to a four month low of 104.4 in April from 106.7 in March.
The pound was boosted after the Bank of England announced that it is extending its Funding for Lending scheme to January 2015 amid concerns over the outlook for growth in the U.K.
Investors remained wary ahead of preliminary data on U.K. first quarter gross domestic product on Thursday amid cautious optimism that the economy would narrowly avoid a triple-dip recession.
Sterling was slightly higher against the euro, with EUR/GBP slipping 0.10% to 0.8522.
The U.S. was to produce government data on durable goods orders later in the trading day.
GBP/USD hit 1.5288 during European afternoon trade, the session high; the pair subsequently consolidated at 1.5269, rising 0.20%.
Cable was likely to find support at 1.5195, Tuesday’s low and near-term resistance at 1.5296, Tuesday’s high.
Market sentiment was boosted as European equities climbed amid growing expectations that the European Central Bank will cut interest rates, while hopes that Italy will soon have a government also lent support.
Earlier Wednesday, Enrico Letta, deputy leader of the Democratic Party was asked to form Italy's next government by President Giorgio Napolitano.
The news offset data showing that the Ifo index of German business climate fell to a four month low of 104.4 in April from 106.7 in March.
The pound was boosted after the Bank of England announced that it is extending its Funding for Lending scheme to January 2015 amid concerns over the outlook for growth in the U.K.
Investors remained wary ahead of preliminary data on U.K. first quarter gross domestic product on Thursday amid cautious optimism that the economy would narrowly avoid a triple-dip recession.
Sterling was slightly higher against the euro, with EUR/GBP slipping 0.10% to 0.8522.
The U.S. was to produce government data on durable goods orders later in the trading day.