Investing.com – The pound rose to a three-day high against the broadly weaker U.S. dollar on Thursday, boosted by a report showing that U.K. consumer confidence rebounded from a record low in March.
GBP/USD hit 1.6364 during European morning trade, the pair’s highest since Monday; the pair subsequently consolidated at 1.6347, gaining 0.48%.
Cable was likely to find support at 1.6236, Wednesday’s low and resistance at 1.6425, Monday’s high and a 15-month high.
Earlier in the day, Nationwide Building Society said its consumer confidence index rose to 44 from 39 in February. The February number was revised up 1 point, but it was still the lowest in the survey's history.
Nationwide's chief economist Robert Gardner noted that consumer morale remained very downbeat even after the March rebound and the index was well off its long-term average of 80.
"We will need to see a succession of increases before we can say that confidence has returned anywhere close to pre-recession levels," he said.
The pound was also slightly higher against the euro, with EUR/GBP slipping 0.10% to hit 0.8868.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.
GBP/USD hit 1.6364 during European morning trade, the pair’s highest since Monday; the pair subsequently consolidated at 1.6347, gaining 0.48%.
Cable was likely to find support at 1.6236, Wednesday’s low and resistance at 1.6425, Monday’s high and a 15-month high.
Earlier in the day, Nationwide Building Society said its consumer confidence index rose to 44 from 39 in February. The February number was revised up 1 point, but it was still the lowest in the survey's history.
Nationwide's chief economist Robert Gardner noted that consumer morale remained very downbeat even after the March rebound and the index was well off its long-term average of 80.
"We will need to see a succession of increases before we can say that confidence has returned anywhere close to pre-recession levels," he said.
The pound was also slightly higher against the euro, with EUR/GBP slipping 0.10% to hit 0.8868.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.