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by ForexNewsNow Team on October 28, 2010

GBP/USD climbs as FX traders shrug off CBI retail sales data

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – Sterling climbed against the U.S. dollar on Thursday, as FX traders shrugged off a downbeat report on U.K. retail sales and ahead of key U.S. jobs data.

In European morning currency market trading, GBP/USD hit 1.5845, up 0.49 percent on the day.

The Confederation of British Industry, a trade group, said earlier that its monthly distributive trades survey’s reported sales balance fell to 36 during the month, down from 49 in September. Analysts had expected October’s figure to come in at 40, two major online FX trading news outlets reported.

According to GBP USD analysis, cable was likely to touch support around the low of Oct. 20, 1.565, and encounter resistance around the high of Oct. 15, 1.6107.

Sterling’s gains came ahead of a key U.S. report on initial claims for unemployment benefits last week, and a monthly survey on consumer confidence in Britain by the Gfk research institute.

Elsewhere, sterling slid a tad versus the euro: EUR/GBP traded at 0.8736, up 0.05 percent, according to intraday analysis.

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