British Pound Breakouts Out of Weeklong Trading Range

The British pound broke out of its weeklong trading range thanks to broad based demand for high yielding currencies and stronger economic data.

Adding to the list of positive reports from the UK this wee, was second quarter business investment which rose 0.8 percent on a quarterly basis and 7.4 percent on an annualized basis. The second release of Q2 GDP is due out tomorrow.