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by ForexNewsNow Team on August 19, 2010

GBP/USD climbs on upbeat U.K. retail sales, borrowing data

NEW YORK (Forex News Now) – Sterling extended its rebound against the dollar into a second day on Thursday, on a raft of better-than-expected U.K. data on retail sales, government borrowing and M4 money supply.

In European midday currency trading, GBP/USD struck 1.5641, up 0.31 percent on the day.

Official data showed earlier that U.K. retail sales rose in July by almost four times as much as economists had expected, in the biggest increase for five months.

According to forex analysis, GBP/USD was likely to touch immediate support around the low of July 26, 1.5409, and encounter resistance around the high of Aug. 6, 1.5998.

Also Wednesday, official data showed that U.K. government borrowing rose less than expected in July and that M4 money supply in Britain rose faster than forecast in the same month.

Elsewhere, sterling rose versus the euro: EUR/GBP traded at 0.8211, down 0.38 percent.

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