Forex - GBP/USD rangebound after mixed U.S. data

The pound was rangebound against the U.S. dollar on Thursday, erasing losses after the release of mixed U.S. economic reports fuelled fresh uncertainty over whether the Federal Reserve will soon begin tapering its stimulus program. 

GBP/USD pulled away from 1.5265, the pair's lowest since July 21, to hit 1.5321 during U.S. morning trade, easing up 0.04%. 

Cable was likely to find support at 1.5196, the low of July 19 and resistance at 1.5390, Wednesday's high. 

The Labor Department said the number of individuals filing for initial jobless benefits last week increased by 7,000 to a seasonally adjusted 343,000, compared to expectations for an increase of 6,000 to 340,000.

Separately, the Commerce Department said orders for long lasting manufactured goods rose by a seasonally adjusted 4.2% in June, compared to expectations for an increase of 1.3%. 

Durable goods for May were revised to a 5.2% gain from a previously reported 3.7% increase.

Core durable goods orders, which exclude volatile transportation items, were flat in June, compared to expectations for a 0.5% increase. 

The pound fell to session lows against the dollar and the euro earlier, despite official data showing that growth in the U.K. economy accelerated in line with expectations in the second quarter.

The Office of National Statistics said the U.K. economy expanded by 1.4% on a year-over-year basis in the second quarter, in line with expectations. The U.K. economy grew by 0.3% year-on-year in the first quarter.

The U.K. economy expanded 0.6% quarter on quarter, after a 0.3% expansion in the first quarter. 

The ONS said the service sector expanded by 0.6%, the manufacturing sector grew 0.4% and the construction sector grew by 0.9%. 

Sterling was lower against the euro with EUR/GBP adding 0.19%, to hit 0.8634. 

Also Thursday, data showed that the Ifo index of German business climate ticked up to 106.2 in July from 105.9 In June, slightly better than expectations for a reading of 106.1.