GBP/USD up to 1.5630 on Economic Outlook

The pound was set to advance for a second week versus the dollar and the euro after data added to signs the U.K. economy is strengthening.

Sterling climbed to its highest level in eight weeks against the dollar yesterday as a report showed U.K. retail sales increased in July more than analysts forecast. The Debt Management Office is scheduled to sell 2 billion pounds ($3.12 billion) of bills.

The pound slid 0.1 percent to $1.5626 at 7:39 a.m. London time after appreciating to $1.5652 yesterday, the highest since June 19. It has gained 0.8 percent this week. The U.K. currency was little changed at 85.35 pence per euro after reaching 85.05 pence yesterday, the strongest since July 3. It has appreciated 0.8 percent since Aug. 9.


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