GBP/USD static around 1.4700 despite slightly better US economic data
By FXStreet Trading action in the GBP/USD pair remained muted around 1.4700 handle despite of better than expected US economic data.
According to the data released just a while ago, US durable goods orders for April registered a strong growth of 3.4%, surpassing even the most optimistic estimates. Meanwhile, the core orders, which excludes transportation, also exceeded expectations of 0.3% growth and came-in at 0.4%. In other releases, US weekly jobless claims drop 10,000 to 268,000, yet another sign of the underlying strength in the US labor market.
The forex market showed a little reaction to stronger-than-expected US economic data as investors seems to await for the Fed Chair Janet Yellen’s speech on Friday that might assist investors to ascertain the timing of next Fed rate-hike decision.
Earlier during the day, in-line with the initial estimate UK GDP data failed to provide additional boost and the pair trimmed its gains from day’s peak level of 1.4740. The pair is currently trading in neutral territory around 1.4700 handle, which now seems to act as important pivot point for day traders.
Technical levels to watch
On the immediate upside, momentum above day’s peak resistance near 1.4740 is likely to get extended towards May highs resistance near 1.4770 level, …read more
Source:: FX Street
