British Pound Vs U.S Dollar Regains 1.6600

GBPUSD

The GBP/USD reversed daily losses and rose back above 1.6600 as the greenback receded after the latest string of US data.

US durable goods orders fell by 4.3% in December, printing the sharpest decline since July, while the S&P/Case-Shiller home price index came in line with expectations in November. The GBP/USD bounced from a low of 1.6569, scored in the wake of UK GDP figures, and climbed to a high of 1.6614 at the beginning of the NY session. However, the Cable lost momentum ahead of its Asian high of 1.6425 and pulled back to currently trade at the 1.6600 area, still up 0.1% on the day.

GBP/USD technical outlook

“Despite the lack of strength coming from technical indicators at the time being, bulls seem to have overcome bears, with latest candles showing long downside tails and price holding near 1.6600”