FXStreet (Mumbai) – A weaker-than-expected personal spending report and easing core personal consumption expenditure figures released in the US helped the GBP/USD pair rise back above 1.51 handle.
Hovers around hourly 50-MA
The spot is trading at 1.5107 (hourly 50-MA). The headline US durable goods orders figure was strong, however, shipments of non-military capital goods excluding aircraft, used to calculate gross domestic product, decreased 0.4%. Meanwhile, personal spending slowed despite healthy rise in income.
Consequently, the GBP/USD pair ratcheted higher, however, relentless sell-off in the EUR/USD may be capping gains in the cable. Next on the cards is the US new home sales data.
GBP/USD Technical Levels
Above 1.5107 (hourly 50-MA) the gains could be extended to 1.5120 (23.6% of 1.5336-1.5053). A break above would expose Sep 4 low of 1.5163. On the higher side, support is seen at 1.5087 (61.8% of Apr-Jun rally) and 1.5056 (daily low).
(Market News Provided by FXstreet)