Investing.com – The pound extended earlier losses against the U.S. dollar on Tuesday, tumbling to a 12-day low, as markets eyed key U.S. data on housing.
GBP/USD hit 1.5735 during European afternoon trade, the pair’s lowest since October 1; the pair subsequently consolidated at 1.5745, tumbling 0.82%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.6002, Monday’s high.
Earlier in the day, the Confederation of British Industry said its index of industrial order expectations fell more-than-expected in October, tumbling to -28 after falling to -17 in September. Analysts had expected the index to decline to -19 in October.
A reading above zero on the index indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, CBI chief economic advisor Ian McCafferty said "The recovery in the manufacturing sector is well grounded and is expected to continue, this despite the soft patch last quarter".
He added, "Over the next three months firms predict a strong rise in output driven by predictions of further export orders growth, while support from stock-building fades".
The pound was also down against the euro, with EUR/GBP gaining 0.29% to hit 0.8803.
Later in the day, the U.S. was to publish official data on building permits and housing starts.
GBP/USD hit 1.5735 during European afternoon trade, the pair’s lowest since October 1; the pair subsequently consolidated at 1.5745, tumbling 0.82%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.6002, Monday’s high.
Earlier in the day, the Confederation of British Industry said its index of industrial order expectations fell more-than-expected in October, tumbling to -28 after falling to -17 in September. Analysts had expected the index to decline to -19 in October.
A reading above zero on the index indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, CBI chief economic advisor Ian McCafferty said "The recovery in the manufacturing sector is well grounded and is expected to continue, this despite the soft patch last quarter".
He added, "Over the next three months firms predict a strong rise in output driven by predictions of further export orders growth, while support from stock-building fades".
The pound was also down against the euro, with EUR/GBP gaining 0.29% to hit 0.8803.
Later in the day, the U.S. was to publish official data on building permits and housing starts.