FXStreet — The GBP/USD took a part of the losses for the week to start on, after from the United States weaker economic data than expected were released. The currency pair is listed last on 1,2925 and still 0.20 percent in the Minus. In spite of this recent price movement, the Cable is stuck in a 50 Pips Range between 1.29 and 1,2950.
In the USA, the incomes in March increased by 0.2 percent. Bank economists had expected an increase of 0.3 percent. Private spending stagnated. The weak consumer spending were reflected by the PCE price index, which as of the reporting month of March by 0.2 per cent, lower. In the annual comparison, it dropped to 1.8 percent from 2.1 percent previously.
Although the economic data misses the expectations, it was not necessarily a big Surprise, because the latest growth figures from the United States had already indicated that the consumer was the main reason for the weak growth clip in the first quarter.
Investors are now waiting for the next Mix from the United States and includes Figures for Manufacturing (Markit and ISM). However, the market could react to the fact also only limited, since the volume of trade remains due to the public holiday in Europe quite low.
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The next Resistances lie at 1,2955/60 (High of 28. April / High 04. October), of 1.30 (psychological mark) and 1,3060 (High 28. September). Supports are at 1.2900 (psychological level), 1,2840 (Deep 27. April) and of 1.2760 (Deep 21. To find April).
** FXStreet News Editorial, FXStreet**