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Forex - GBP/USD rangebound after strong UoM report

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Investing.com - The pound was rangebound against the U.S. dollar in subdued trade on Friday, after the release of strong U.S. consumer sentiment, as uncertainty over the future of the Federal Reserve's stimulus program continued to weigh on market sentiment.

GBP/USD hit 1.5417 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.5392, inching 0.02% higher.

Cable was likely to find support at 1.5290, the low of July 24 and resistance at 1.45478, the high of June 25.

In a report, the University of Michigan said its index of consumer sentiment rose more-than-expected in July, ticking up to 85.1 from a reading of 83.9 the previous month.

Analysts had expected the index to rise to 84.0 this month.

The report also said that inflation expectations fell to 3.1% this month, from 3.3% in June.

The data came as investors were speculating over whether the Fed will begin to scale back its asset purchase program before the end of the year.

Sterling was fractionally higher against the euro with EUR/GBP edging down 0.07%, to hit 0.8626.

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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.


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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