Forex - GBP/USD slumps as bargain hunters view dollar as oversold

Investing.com - The pound moved lower against the dollar on Friday after investors viewed the greenback as oversold in wake of a soft U.S. consumer report.

In U.S. trading on Friday, GBP/USD was trading at 1.6170, down 0.20%, up from a session low of 1.6151 and off from a high of 1.6247.

Cable was likely to find support at 1.6116, Tuesday's low, and resistance at 1.6257, Wednesday's high.

The Thomson Reuters/University of Michigan final consumer sentiment index for October fell to 73.2 from 75.2 in September, worse than expectations for a downtick to 75.0.

The report added that inflation expectations ticked up to 3.0% in October, from 2.9% the previous month.

The data came after the Census Bureau said that U.S. core durable goods orders, which exclude transportation items, fell 0.1% in September, defying expectations for a 0.5% rise after a 0.1% decline the previous month.

Broad U.S. durable goods orders rose 3.7% last month, exceeding expectations for a 2.0% increase after a 0.1% rise in August.

Friday's lackluster data, which came in wake of weak labor-market data earlier this week, kept expectations going for the Federal Reserve to continue stimulating the economy with its USD85 billion in monthly bond purchases that drive down interest rates to spur recovery, weakening the greenback in the process.

The dollar, however, eventually reached levels that brought in the bottom fishers late Friday.

Meanwhile in the U.K., preliminary data earlier showed that the U.K. gross domestic product rose 0.8% in the third quarter, in line with expectations and up from 0.7% in the previous quarter.

The pound, meanwhile, was down against the euro and down against the yen, with EUR/GBP up 0.19% at 0.8535 and GBP/JPY down 0.08% at 157.47.

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