Investing.com - The pound moved lower against the dollar on
Friday after data revealed the U.S. economy expanded faster than
expected in the third quarter, though similarly healthy data out of
the U.K. curbed the pair's losses.
In U.S. trading on Thursday, GBP/USD was trading at 1.6335, down
0.24%, up from a session low of 1.6316 and off from a high of
Cable was likely to find support at 1.6220, Tuesday's low, and
resistance at 1.6485, Wednesday's high.
The Commerce Department reported earlier that the U.S. gross
domestic product expanded by 4.1% in the third quarter, well above
consensus forecasts for 3.6% growth, which boosted the dollar
against the pound.
Across the Atlantic, official data showed that the U.K.
current-account deficit widened to GBP20.7 billion in the third
quarter from GBP6.2 billion in the three months to June. Analysts
were expecting the current account deficit to widen to GBP13.9
billion in the last quarter.
A separate report showed that the U.K. gross domestic product
expanded by 0.8% in the third quarter, in line with previous
estimates, which gave the pound some support.
Official data also showed that public sector net borrowing in the
U.K. rose by GBP14.8 billion in November, exceeding expectations
for a GBP13.4 billion rise, after a downwardly revised GBP7.4
billion increase in October.
The pound, meanwhile, was down against the euro and down against
the yen, with EUR/GBP up 0.33% at 0.8370 and GBP/JPY down 0.44% at
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