Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Top Stories
by ForexNewsNow Team on September 23rd, 2010

GBP USD analysis: Sterling hits 6-week high after mixed U.S. data

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – The pound extended its recent rally against the dollar into a third day on Thursday, hitting a 6-week high, following the release of mixed economic data from the United States.

In late U.S. currency market trading, GBP/USD hit 1.5412, cable’s highest since Aug. 11. The currency pair later retreated slightly to trade at 1.5703, up 0.26 percent on the day.

An industry report showed earlier that sales of existing U.S. homes climbed at a faster rate than expected in August. The report was offset, however, by official data, which showed that U.S. initial jobless claims rose more than forecast last week.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 21, 1.5504, and encounter immediate resistance around the high of Aug. 11, 1.586.

Sterling’s gains also came after British business leaders and economists condemned Vince Cable’s attack on “spivs and gamblers,” as they accused the business secretary of lacking any new policies to tackle the issues of short-termism and takeover activity, The Guardian reported.

Elsewhere, the pound rose slightly versus the yen: GBP/JPY traded at 132.55, up 0.16 percent, according to intraday analysis.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))