Investing.com - The pound rose against the U.S. dollar on Thursday, bouncing off of nearly 15-month lows as the release of strong U.K. retail sales data lent support to sterling.
GBP/USD hit 1.5659 during European morning trade, the session high; the pair subsequently consolidated at 1.5627, gaining 0.32%.
Cable was likely to find support at 1.5539, the low of December 8 and a 15-month low and resistance at 1.5757, Wednesday's high.
In a report, the Office for National Statistics said that U.K. retail sales rose 1.6% last month, compared to forecasts for a 0.3% gain. October’s figure was revised up to an increase of 1.0% from a previously estimated 0.8% gain.
On a year-on-year basis, retail sales jumped 6.4% beating expectations for a 4.2% gain, after rising at an upwardly revised annual rate of 4.6% in October.
Core retail sales, which exclude automobile sales, were up 1.7% and rose 6.9% from a year earlier. Economists had forecast a monthly increase of 0.4% and an annual gain of 4.5%.
Meanwhile, the dollar also found support after the Federal Reserve said it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."
The central bank acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
At the bank’s post policy meeting press conference Fed Chair Janet Yellen said the Fed was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible.
Sterling was also higher against the euro, with EUR/GBP retreating 0.64% to 0.7872.
Later in the day, the U.S. was to release data on initial jobless claims and manufacturing activity in the Philadelphia region.