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Forex - GBP/USD edges up near 3-1/2 week highs

Published 09/18/2015, 04:15 AM
Updated 09/18/2015, 04:15 AM
Pound remains supported against dollar after Fed decision

Pound remains supported against dollar after Fed decision

Investing.com - The pound edged up near three-and-a-half week highs against the U.S. dollar on Friday, as the Federal Reserve's decision to hold interest rates this month dampened demand for the greenback.

GBP/USD hit 1.5629 during European morning trade, the session high; the pair subsequently consolidated at 1.5608, adding 0.11%.

Cable was likely to find support at 1.5484, Thursday's low and resistance at 1.5720, the high of August 26.

The dollar weakened broadly after the Fed kept interest rates unchanged on Thursday, but losses were limited as the central bank left open the possibility of a rate hike later this year.

Speaking after the rate statement, Fed Chair Janet Yellen said global economic developments played a major part in the central bank's decision.

In deciding when to raise interest rates, the Fed repeated it wanted to see "some further improvement in the labor market" and be "reasonably confident" that inflation will increase.

The pound also remained supported after the Office for National Statistics reported on Thursday that U.K. retail sales increased by 0.2% last month, in line with forecasts. Retail sales were up 3.7% from the same month a year earlier.

Core retail sales, which exclude automobile sales, rose 0.1% last month and were up 3.5% on a year-over-year basis.

Sterling was little changed against the euro, with EUR/GBP at 0.7329.

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