Investing.com – The pound trimmed gains against the U.S. dollar on Tuesday, retreating from a 5-day high as risk aversion spiked following the release of worse-than-expected U.S. housing data
GBP/USD retreated from 1.5895, the pair’s highest since October 19 to hit 1.5829 during European afternoon trade, gaining 0.69%.
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”.
Meanwhile, the pound was up against the euro, with EUR/GBP tumbling 1.39% to hit 0.8755.
Also Tuesday, official data showed that U.K. GDP rose significantly more-than-expected in the third quarter.
GBP/USD retreated from 1.5895, the pair’s highest since October 19 to hit 1.5829 during European afternoon trade, gaining 0.69%.
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”.
Meanwhile, the pound was up against the euro, with EUR/GBP tumbling 1.39% to hit 0.8755.
Also Tuesday, official data showed that U.K. GDP rose significantly more-than-expected in the third quarter.