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by ForexNewsNow Team on July 14, 2010

Pound jumps versus dollar after upbeat U.K. jobs data

fx news forex analysis global forex forex tipsNEW YORK (Forex News Now) – Sterling jumped against the dollar on Wednesday, hitting a fresh 2-month high, following better-than-expected U.k. employment data and a disappointing report on U.S. retail sales.

In U.S. afternoon currency trading, GBP/USD reached 1.5297, its highest since May 3. The currency pair later pulled back slightly to trade at 1.527, up 0.62 percent on the day.

Data from Britain’s statistics bureau showed earlier that the closely watched claimant count measure of unemployment fell for a fifth consecutive month in June, and more than expected.

According to National Statistics, total unemployment fell in the three months to May to 7.8 percent, down from a revised rate of 7.9 percent in the three months to April.

According to forex analysis, GBP/USD was likely to touch support around the low of July 9, 1.5051, and encounter immediate resistance around the high of May 3, 1.5316.

Also Wednesday, Census Bureau data showed earlier in the day that U.S. retail sales fell more than expected in June for a second consecutive month, heightening fears about slower growth in the world’s biggest economy.

Meanwhile, the pound climbed versus the yen: GBP/JPY traded at 134.99, up 0.28 percent.

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