The pound climbed to a one-week high against the U.S. dollar on
Thursday, supported by upbeat U.K. retail sales data and as demand for
the greenback remained under pressure after Wednesday's disappointing
U.S. economic reports.
GBP/USD
hit 1.4990 during European morning trade, the pair's highest since
March 18; the pair subsequently consolidated at 1.4979, advancing 0.67%. Cable was likely to find support at 1.4825, Wednesday's low and resistance at 1.5099, the high of March 11.
Sterling was steady against the euro, with EUR/GBP at 0.7370.
The U.K. Office for National Statistics said in a report that retail
sales increased 0.7% last month, above forecasts for a gain of 0.4%.
In January retail sales rose by 0.1%, whose figure was revised from a previously reported decline of 0.3%.
Year-on-year, retail sales increased at a rate of 5.7% in February, beating expectations for a 4.7% gain, after rising at a rate of 5.9% in January.
Core retail sales excluding automobile sales rose 0.7% last month, compared to forecasts for a 0.4% rise, after falling 0.3% in January.
In the meantime, the greenback was under pressure after on Wednesday the U.S. Commerce Department issued a report indicating that total durable goods orders, which include transportation items, declined 1.4% last month, compared to expectations for a gain of 0.4%.
Core durable goods orders, excluding volatile transportation items, inched down 0.4% in February, disappointing forecasts for a 0.3% gain.
The U.S. was to release the weekly report on jobless claims later in the day.
