Investing.com - The pound was trading close to session highs
against the dollar on Thursday after the Bank of England left
monetary policy unchanged at its latest policy setting meeting.
GBP/USD hit 1.5588 during European afternoon trade, the session
high; the pair subsequently consolidated at 1.5575, gaining 0.27%.
Cable was likely to find support at 1.5469, Wednesday's low and
near-term resistance at 1.5605, the high of May 1 and a
two-and-a-half month high.
The BoE left interest rates at a record low 0.5% and maintained the
size of its asset purchase program at GBP375 billion.
The pound advanced against the dollar earlier after data showed
that U.K. industrial output beat expectations in March, fuelling
optimism over the economic outlook.
The Office for National Statistics said industrial production in
the U.K. rose 0.7% in March, better-than-expectations for a 0.2%
increase, after rising by a downwardly revised 0.9% in February.
Industrial output was down 1.4% compared to a year earlier, better
than expectations for a 2% drop, as unseasonably cold winter
weather boosted electricity demand.
The ONS said U.K. manufacturing production rose by 1.1% in March,
beating expectations for a 0.3% increase.
Sterling rose to session highs against the euro, with EUR/GBP down
0.38% to 0.8433.
The U.S. was to release official data on initial jobless claims
later in the trading day.
offers an extensive set of professional tools for the Forex,
Commodities, Futures and the Stock Market including real-time data
streaming, a comprehensive economic calendar, as well as financial
news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @