Investing.com – The pound erased early losses against the U.S. dollar on Monday, after industry data showed that Britain's construction sector expanded in September, defying expectations.
GBP/USD hit 1.5844 during European afternoon trade, a fresh daily high; the pair subsequently consolidated at 1.5842, gaining 0.14%.
Cable was likely to find short-term support at 1.5668, last Thursday's low and resistance at 1.5922, last Thursday's high.
Earlier in the day, market research firm Markit said their construction purchasing managers' index rose to a seasonally adjusted 53.8 in September, after falling to 52.1 in August. Economists had expected the index to decline to 51.7 in September.
However, the report added that confidence over future business expectations was notably lower, and jobs were cut at the fastest pace in six months.
The pound was also up against the euro, with EUR/GBP shedding 0.65% to hit 0.8662.
Also Monday, U.K. finance minister George Osborne said Britain was out of the "financial danger zone," but needed to stick to its plans to cut the budget deficit.
GBP/USD hit 1.5844 during European afternoon trade, a fresh daily high; the pair subsequently consolidated at 1.5842, gaining 0.14%.
Cable was likely to find short-term support at 1.5668, last Thursday's low and resistance at 1.5922, last Thursday's high.
Earlier in the day, market research firm Markit said their construction purchasing managers' index rose to a seasonally adjusted 53.8 in September, after falling to 52.1 in August. Economists had expected the index to decline to 51.7 in September.
However, the report added that confidence over future business expectations was notably lower, and jobs were cut at the fastest pace in six months.
The pound was also up against the euro, with EUR/GBP shedding 0.65% to hit 0.8662.
Also Monday, U.K. finance minister George Osborne said Britain was out of the "financial danger zone," but needed to stick to its plans to cut the budget deficit.