Forex - GBP/USD steady in holiday-thinned trade

The pound was steady against the dollar in subdued trade on Monday as markets in the U.K. remained closed for a holiday and investors awaited U.S. data on durable goods orders later in the session.

GBP/USD hit 1.5588 during European afternoon trade, the session high; the pair subsequently consolidated at 1.5560, inching down 0.04%.

Cable was likely to find support at 1.5537, Friday’s low and resistance at 1.5636, Friday’s high.

Investors were awaiting data on U.S. durable goods orders later Monday for indications on the strength of consumer demand, as uncertainty over how soon the Federal Reserve will start to scale back stimulus measures lingered.

Data on Friday showing that U.S. new home sales fell more than expected last month saw markets re-evaluate expectations on the timing of a possible reduction in asset purchases by the Fed.

The Commerce Department said new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years. 

Elsewhere, sterling edged higher against the euro, with EUR/GBPslipping 0.10% to 0.8584.