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Forex - GBP/USD holds steady as Fed in focus

ForexMay 24, 2013 02:15PM GMT Add a Comment
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Investing.com - The pound was steady against the U.S. dollar on Friday, as investors remained cautious after downbeat U.K. data and amid mounting expectations for a near-term end to the Federal Reserve's bond-purchasing program.

GBP/USD hit 1.5065 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5116, edging up 0.06%.

Cable was likely to find support at 1.5014, Thursday's low and a 10-month low and resistance at 1.5263, the high of May 21.

The pound came under pressure earlier, after the British Bankers' Association said mortgage approvals rose by 32,200 in April, less than the expected 32,700 increase, after a 31,400 rise the previous month.

In the U.S., official data showed that core durable goods orders rose 1.3% in April, beating expectations for a 0.5% increase, after a 1.7% decline the previous month.

Durable goods orders, including transportation items, rose 3.3% last month, more than the expected 1.5% increase, after a 5.9% fall in March.

The data came after Fed Chairman Ben Bernanke said on Wednesday that the bank could begin tapering its bond-buying program.

In testimony to the U.S. Joint Economic Committee, Fed Chairman Bernanke said a decision to scale back the Fed’s asset purchase program could be taken in the "next few meetings" if economic data continued to improve.

Sterling was steady against the euro with EUR/GBP easing up 0.03%, to hit 0.8562.

The euro found support after the Ifo Institute said its German business climate index rose to 105.7 in May, from a reading of 104.4 the previous month, beating expectations for an increase to 104.5.

A separate report showed that the Gfk German consumer climate index rose unexpectedly in May, ticking up to 6.5 from a reading of 6.2 the previous month. Analysts had expected the index to remain unchanged this month.

Forex - GBP/USD holds steady as Fed in focus

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