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The pound slipped slightly from yesterday's six-month high as worse-than-expected data on the UK services sector dented Forex trader confidence, reveals Reuters.
Yet the recent slew of positive financial results helped shore up its performance and ensure the pound only lost 0.2 per cent by 11:17 BST, selling at $1.5908 after an earlier dip to $1.5892.
A broadly weaker dollar also contributed to the overall positive trend of the British currency, as well as favourable information on the property market released by mortgage lender Halifax.
Tuesday saw the pound reach its highest level since February this year.
Audrey Childe-Freeman, currency strategist at Brown Brothers Harriman, observed: "Sterling has had a really good run recently, but it needs fresh impetus to make a sustainable break above $1.60."
Posted by Greg Secker
