Forex - GBP/USD hits 2-week lows on U.K. trade data

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Investing.com - The pound traded just off two-and-a-half week lows after U.K. trade data disappointed while U.S. jobs numbers beat expectations.

In U.S. trading on Friday, GBP/USD was trading at 1.5356, down 0.61%, up from a session low of 1.5314 and off from a high of 1.5458.

The pair was likely to find support at 1.5197, the low from April 23, and resistance at 1.5592, Wednesday's high.

In the U.K. earlier, official data revealed the trade deficit narrowed less than expected in March, coming in at GBP9.1 billion from a of GBP9.2 billion deficit the previous month.

Analysts were expecting the trade deficit to narrow to GBP9.0 billion in March.

The number sent Cable falling as did better-than-expected jobless claims that hit the wire in the U.S. on Thursday.

The Department of Labor reported Thursday that the number of individuals filing for initial jobless claims in the U.S. last week fell by 4,000 to 323,000, defying expectations for an increase of 8,000 to 335,000.

The news sparked demand for the dollar by fueling sentiments the Federal Reserve may be closer to winding down stimulus programs.

Stimulus tools, such as the Fed's monthly USD85 billion bond-buying program, weaken the greenback to spur recovery.

Earlier this week, the Bank of England left interest rates unchanged at a record low 0.5% and maintained the size of its asset purchase program at GBP375 billion.

The pound, meanwhile, was down against the euro and up against the yen, with EUR/GBP trading up 0.18% at 0.8458 and GBP/JPY up 0.39% at 156.06.










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This article appears in: Investing , Forex and Currencies

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