Investing.com – The pound erased losses against the U.S. dollar on Tuesday, rising to hit an intra-day high, following the release of better-than-expected U.S. housing data.
GBP/USD retreated from 1.5502, the daily low, to hit 1.5551 during European afternoon trade, gaining 0.02%.
Cable was likely to find support at 1.5347, the low of September 14 and resistance at 1.5685, Monday's high.
Earlier in the day, official U.S. data showed that building permits and housing starts rose more-than-expected in August.
In a report, the Census Bureau said the number of housing starts rose to a seasonally adjusted 0.60 million in August, up from a revised 0.54 million in July. Analysts had expected housing starts to rise to 0.55 million in August.
The report also said that the number of building permits issued in August rose to a seasonally adjusted 0.57 million, up from a revised 0.56 million in July. Analysts had expected building permits to remain unchanged in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.54% to hit 0.8447.
Later in the day, the U.S. Federal Reserve was to announce its benchmark interest rate. The announcement was to be followed by a closely watched statement on U.S. monetary policy and economic outlook.
GBP/USD retreated from 1.5502, the daily low, to hit 1.5551 during European afternoon trade, gaining 0.02%.
Cable was likely to find support at 1.5347, the low of September 14 and resistance at 1.5685, Monday's high.
Earlier in the day, official U.S. data showed that building permits and housing starts rose more-than-expected in August.
In a report, the Census Bureau said the number of housing starts rose to a seasonally adjusted 0.60 million in August, up from a revised 0.54 million in July. Analysts had expected housing starts to rise to 0.55 million in August.
The report also said that the number of building permits issued in August rose to a seasonally adjusted 0.57 million, up from a revised 0.56 million in July. Analysts had expected building permits to remain unchanged in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.54% to hit 0.8447.
Later in the day, the U.S. Federal Reserve was to announce its benchmark interest rate. The announcement was to be followed by a closely watched statement on U.S. monetary policy and economic outlook.