GBP/USD rebounds from 5-day lows and rises back above 1.4150

• Spot off lows as US Dollar losses momentum. 
• US data: house prices rose above expectations in January while Consumer Confidence dropped. 
• Bloomberg reported: US to weigh the use of emergency law to limit Chinese takeovers. 

The GBP/USD pair recovered ground during the last hours amid a retreat of the greenback across the board. Cable bottomed at 1.4065, the lowest since Wednesday and then rebounded, rising back above 1.4100. It reached a US session high at 1.4159 and it was trading at 1.4140/45, down almost 80 pips for the day. 

The greenback started to move of highs following US data and also after Bloomberg reported that the US could use a national emergency law to curb Chinese investment in certain sectors, like tech. 

Regarding data, the S&P/Case-Shiller Index rose in January 6.4% from a year ago, surpassing expectations. On the negative front, Consumer Confidence (by the Conference Board) came in below estimates at 127.7 for March. Another report showed that the Richmond Manufacturing Index tumbled to 15 in March, down from 28 and below the 23 of market consensus. 

GBP/USD Technical levels 

To the upside, the immediate resistance is seen around the 1.4155 area, followed by 1.4190 and 1.4220 (Asian session low). To the downside, support levels might lie at 1.4130, 1.4080 and 1.4020. 

Despite the retreat, the overall tone still favors the pound. A consolidation below 1.4080 could ease the bullish momentum.