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GBP/USD: Little changed after US pending home sales data

FXStreet (Mumbai) - The GBP/USD pair turned a blind eye towards the weaker-than-expected US pending home sales report and continues to trade with marginal losses around 1.5172 levels.

Trades around key support

At the moment, the area around 1.5170 (June 1 and Sep 7 low) is proving strong support to the pair. Fresh bids around the same have managed to push the pair back to 1.5180, although sharp losses in the shares of the mining firm Glencore are keeping Sterling under pressure.

Moreover, a 1.4% drop in the US pending home sales report was largely ignored by the markets. With no major data due till NY closing now, the cable is likely to track the broader market sentiment and more comments from the Fed officials.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5248 (50% of Apr-June rally), above which the pair could rise to 1.53 levels. On the downside, support is seen at 1.5163 (Sep 4 low) and 1.5135 (Friday’s low).

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