Investing.com – The pound pared gains against the U.S. dollar on Wednesday, retreating from the daily high, following worse-than-expected U.S. data on new home sales and manufacturing.
GBP/USD retreated from 1.5461, the daily high, to hit 1.5426 during European afternoon trade, gaining 0.21%.
Cable is likely to find support at 1.5255, the low of July 23, and resistance at 1.5509, Tuesday’s high.
Earlier in the day, U.S. Census Bureau said new home sales decreased to a seasonally adjusted 276,000 units in July, after falling to a revised 315,000 units in June.
Analysts had expected the number of new home sales to rise to 330,000 units in July.
The report said that year-on-year, existing home sales tumbled by a seasonally adjusted 32.4% in July, after falling 12.4% in June.
The pound was also up against the euro, with EUR/GBP shedding 0.07% to hit 0.8197.
Also Wednesday, official data showed that U.S. core durable goods orders declined unexpectedly in July, while orders of durable goods, which includes transportation items, increased less-than-expected.
GBP/USD retreated from 1.5461, the daily high, to hit 1.5426 during European afternoon trade, gaining 0.21%.
Cable is likely to find support at 1.5255, the low of July 23, and resistance at 1.5509, Tuesday’s high.
Earlier in the day, U.S. Census Bureau said new home sales decreased to a seasonally adjusted 276,000 units in July, after falling to a revised 315,000 units in June.
Analysts had expected the number of new home sales to rise to 330,000 units in July.
The report said that year-on-year, existing home sales tumbled by a seasonally adjusted 32.4% in July, after falling 12.4% in June.
The pound was also up against the euro, with EUR/GBP shedding 0.07% to hit 0.8197.
Also Wednesday, official data showed that U.S. core durable goods orders declined unexpectedly in July, while orders of durable goods, which includes transportation items, increased less-than-expected.