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Hardy: What will stop sterling's climb?
The British pound has broken through key resistance levels after positive, but in line, GDP revision data. In fact, it hasn't been this high against the dollar for a year. Saxo Bank's Head of FX Strategy, John Hardy, says US data out next week will be key to sterling's onward direction.
The growth data appeared to confirm the UK's recovery is on track. However, there was a marked fall in exports which would normally be pound bearish, according to John. The growth figures were supported by a big increase in consumer spending.
John says there are a couple of levels, towards $1.65 and $1.67 that look achievable and he thinks the tendency will be for the pound to drift higher. However, with liquidity thinner because of the Thanksgiving holiday, the real test will come next week with key data releases not just from the UK but the US.
01:15 minutes
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