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by ForexNewsNow Team on July 22, 2010

Pound rises vs dollar after upbeat U.K. retail sales data

forex analysis  global forex fx trader currency tradingNEW YORK (Forex News Now) – Sterling rose against the dollar on Thursday, after official data showed that U.K. retail sales rose more than expected in June.

In U.S. afternoon currency trading, GBP/USD traded at 1.5257, up 0.61 percent on the day.

According to Britain’s statistics office, the volume of retail sales in June was 0.7 percent higher than in May. Analysts had expected more modest growth of 5 percent during the month, two global forex news outlets reported.

According to forex analysis, GBP/USD was likely to touch support around Wednesday’s low, 1.5124, and encounter immediate resistance around the high of July 15, 1.5471.

Thursday also saw the release of mixed U.S. data: A key report showed that existing home sales climbed more than expected in June, but separate data showed that initial claims for unemployment benefits rose faster than forecast last week.

Meanwhile, the pound climbed versus the yen: GBP/JPY traded at 132.75, up 0.58 percent.

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