Investing.com – The pound trimmed losses against the U.S. dollar on Tuesday, retreating from a 2-day low, following the release of broadly worse-than-expected U.S. economic data.
GBP/USD retreated from 1.5718, the pair's lowest since September 24, to hit 1.5808 during European afternoon trade, shedding 0.13%.
Cable was likely to find support at 1.5641, last Friday's low and resistance at 1.5995, the high of August 9.
Earlier in the day, the Conference Board said its index of U.S. consumer sentiment fell more-than-expected in September, falling to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of The Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Elsewhere, separate reports showed that while U.S. house prices fell less-than-expected in July, the Richmond Manufacturing Index fell more-than-expected in September.
The pound was also down against the euro, with EUR/GBP jumping 0.99% to hit 08584.
Earlier Tuesday, Bank of England policy maker Adam Posen said Britain needed aggressive economic stimulus to stop it falling into the same kind of slump Japan did in the 1990's.
GBP/USD retreated from 1.5718, the pair's lowest since September 24, to hit 1.5808 during European afternoon trade, shedding 0.13%.
Cable was likely to find support at 1.5641, last Friday's low and resistance at 1.5995, the high of August 9.
Earlier in the day, the Conference Board said its index of U.S. consumer sentiment fell more-than-expected in September, falling to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of The Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Elsewhere, separate reports showed that while U.S. house prices fell less-than-expected in July, the Richmond Manufacturing Index fell more-than-expected in September.
The pound was also down against the euro, with EUR/GBP jumping 0.99% to hit 08584.
Earlier Tuesday, Bank of England policy maker Adam Posen said Britain needed aggressive economic stimulus to stop it falling into the same kind of slump Japan did in the 1990's.