Investing.com – The pound held on to gains against the U.S. dollar on Tuesday, rising to a fresh intra-day high, following the release of mixed U.S. economic data.
GBP/USD hit 1.5896 during European afternoon trade, the pair’s highest since October 19; the pair subsequently consolidated at 1.5866, soaring 0.92%.
Cable was likely to find support at 1.5663, Monday’s low and resistance at 1.6002, the high of October 18.
Earlier in the day, U.S. data showed that the S&P/Case-Shiller home price index rose less-than-expected in August, gaining 1.7% after rising by 3.2% in July. Analysts expected the house price index to rise by 2.0% in August.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Home prices broadly declined in August, indicating that the housing market continues to bounce along the recent lows”.
Also Tuesday, U.S. data showed that CB consumer confidence rose more-than-expected in October while a separate report showed that the Richmond Manufacturing Index also rose more-than-expected in October.
The pound was also up against the euro, with EUR/GBP tumbling 1.63% to hit 0.8736.
Also Tuesday, official data showed that U.K. GDP rose significantly more-than-expected in the third quarter. The Office for National Statistics said the economy grew 0.8% between July and September after a 1.2% quarterly expansion between April and June.
GBP/USD hit 1.5896 during European afternoon trade, the pair’s highest since October 19; the pair subsequently consolidated at 1.5866, soaring 0.92%.
Cable was likely to find support at 1.5663, Monday’s low and resistance at 1.6002, the high of October 18.
Earlier in the day, U.S. data showed that the S&P/Case-Shiller home price index rose less-than-expected in August, gaining 1.7% after rising by 3.2% in July. Analysts expected the house price index to rise by 2.0% in August.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Home prices broadly declined in August, indicating that the housing market continues to bounce along the recent lows”.
Also Tuesday, U.S. data showed that CB consumer confidence rose more-than-expected in October while a separate report showed that the Richmond Manufacturing Index also rose more-than-expected in October.
The pound was also up against the euro, with EUR/GBP tumbling 1.63% to hit 0.8736.
Also Tuesday, official data showed that U.K. GDP rose significantly more-than-expected in the third quarter. The Office for National Statistics said the economy grew 0.8% between July and September after a 1.2% quarterly expansion between April and June.