Investing.com – The pound erased early losses against the U.S. dollar on Tuesday, rebounding from a three-day low ahead of a critical policy meeting by the U.S. Federal Reserve.
GBP/USD clawed back up from 1.6438, the pair’s lowest since April 21, to hit 1.6524 during European morning trade, gaining 0.16%.
Cable was likely to find support at 1.6384, the low of April 21 and resistance at 1.6597, the high of April 21 and a 16-month high.
The Fed was expected to stick to its plan to complete its USD600 billion bond-buying program in June, while Fed Chairman Ben Bernanke was not expected to give any indications of an immediate plan to tighten the bank's policy.
Ben Bernanke was to hold the first news conference ever by a Fed chief after the two-day policy meeting ended on Wednesday.
Meanwhile, the pound dipped against the euro, with EUR/GBP edging up 0.03% to hit 0.8841.
Later in the day, the Confederation of British Industry was to publish a report on industrial order expectations, while Bank of England policymaker Andrew Sentence was to speak.
Also Tuesday, the U.S. was to publish reports on house price inflation and consumer confidence, as well as official data on manufacturing activity in Richmond.
GBP/USD clawed back up from 1.6438, the pair’s lowest since April 21, to hit 1.6524 during European morning trade, gaining 0.16%.
Cable was likely to find support at 1.6384, the low of April 21 and resistance at 1.6597, the high of April 21 and a 16-month high.
The Fed was expected to stick to its plan to complete its USD600 billion bond-buying program in June, while Fed Chairman Ben Bernanke was not expected to give any indications of an immediate plan to tighten the bank's policy.
Ben Bernanke was to hold the first news conference ever by a Fed chief after the two-day policy meeting ended on Wednesday.
Meanwhile, the pound dipped against the euro, with EUR/GBP edging up 0.03% to hit 0.8841.
Later in the day, the Confederation of British Industry was to publish a report on industrial order expectations, while Bank of England policymaker Andrew Sentence was to speak.
Also Tuesday, the U.S. was to publish reports on house price inflation and consumer confidence, as well as official data on manufacturing activity in Richmond.