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Forex - GBP/USD erases gains as U.S. durables data eyed

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Forexpros - The pound erased gains against the U.S. dollar on Wednesday, pulling back from the daily high ahead of the release of U.S. data on manufacturing production.

GBP/USD retreated from 1.6534, the daily high, to hit 1.6556 during European afternoon trade, sliding 0.23%.

Cable was likely to find short-term support at 1.6419, the low of August 18 and short-term resistance at 1.6572, Tuesday's high.

The pair remained in a tight range amid speculation that Federal Reserve Chairman Ben Bernanke could indicate that further monetary easing may be necessary when he speaks at an economic symposium in Jackson Hole, Wyoming, later in the week.

The pound was also lower against the euro, with EUR/GBP rising 0.16% to hit 0.8768.

Later in the day, the U.S. was to publish government data on durable goods orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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