GBP/USD (current price: 1.4517)
The Pound fell against the U.S. Dollar, as traders scaled back their bullish bets on the currency. U.S. Existing Home sales slightly beat expectations with a reading of 5.45 million. Analysts expected sales of 5.40 million, and investors pay close attention to the U.S. real estate market as it has been one of the best performing segments of the local economy in recent years. Traders were still influenced by the FOMC meeting minutes and Wednesday’s Brexit poll, with technical trading also being important during the otherwise calm session.
Our assessment: GBP/USD fell by 0.8% on the last session of the week, despite the bullish overall setup, after Cable retreated from the 1.465 level that it hit in Thursday. The 1.4475 remains the “line in the sand” support for the short term rally.
