Jun 28, 2013 02:15 PM IST | Source:

Forex - GBP/USD slips lower after U.K. data

Forex - GBP/USD slips lower after U.K. data - The pound slipped lower against the U.S. dollar on Friday, despite the release of relatively positive U.K. data, as uncertainty over the future of the Federal Reserve's stimulus program continued to support the greenback.

GBP/USD hit 1.5234 during European morning trade, the session low; the pair subsequently consolidated at 1.5237, slipping 0.14%.

Cable was likely to find support at 1.5196, the low of June 3 and resistance at 1.5347, Thursday's high.

The U.K. Gfk consumer confidence index improved to minus 21 in June, from a reading of minus 22 the previous month, in line with expectations.

A separate report showed that house price inflation rose 0.3% this month, as expected, after a 0.4% rise in May.

The data came a day after the Office of National Statistics said U.K. gross domestic product expanded at an annual rate of 0.3% in the three months to March, down from a preliminary estimate of 0.6% growth.

Meanwhile, the release of mixed U.S. data on Thursday added to uncertainty over the future of the Fed's bond-buying program.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.

A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations.

Sterling was lower against the euro with EUR/GBP adding 0.27%, to hit 0.8567.

Later in the day, the U.S. was to release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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