News Forex Online – The pound was higher against the U.S. dollar on Thursday, trading close to a four-week high ahead of the release of U.K. government data on retail sales.
GBP/USD hit 1.6200 during early European trade, the pair’s highest since June 22; the pair subsequently consolidated at 1.6172, gaining 0.13%.
Cable was likely to find support at 1.6039, Tuesday’s low and resistance at 1.6262, the high of June 22.
The pound strengthened against the greenback on Wednesday, after the minutes of the Bank of England’s July policy setting meeting were slightly less dovish than expected.
In contrast to the June meeting, there was no mention of further monetary easing. The minutes of the central bank’s June meeting showed that some policymakers believed additional monetary stimulus would be necessary as the outlook for growth weakened.
The BoE kept interest rates unchanged at a record low of 0.5% in July, in a widely expected decision.
Meanwhile, the pound edged lower against the euro, with EUR/GBP easing up 0.06% to hit 0.8807.
Later in the day, details of a joint agreement between Germany and France on how to deal with the Greek debt problem were to be presented at a summit in Brussels.
Also Thursday, the U.S. was to release a weekly government report on initial jobless claims, as well as a report on manufacturing activity.
source : forexpros.com
Thursday, July 21, 2011
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