Investing.com - The pound fell against the dollar on Friday
after weak U.K. manufacturing data fueled growing concerns that the
economy is facing strengthening headwinds.
In U.S. trading on Friday, GBP/USD was trading at 1.5714, down
0.91%, up from a session low of 1.5713 and off from a high of
The pair was likely to find support at 1.5675, Monday's low, and
resistance at 1.5879, the session high.
Earlier Friday, the Markit research group reported that the U.K.
manufacturing purchasing managers' index fell to 50.8 in January
from 51.2 in December, outpacing analysts' calls for a decline to
The pound slid amid an otherwise risk-on trading day on sentiments
U.K. recovery may be waning.
Data last week revealed that the U.K. economy contracted 0.3% in
the fourth quarter, putting Britain on track for a triple-dip
Meanwhile in the U.S., the U.S. Bureau of Labor Statistics reported
that the economy added a net 157,000 jobs in January, roughly in
line with expectations for a gain of 160,000.
December's numbers were revised to 196,000 from 155,000, while
November's figures were revised to 247,000 from 161,000.
The headline unemployment rate rose to 7.9% from 7.8% in December.
Elsewhere, the Thomson Reuters/University of Michigan's final
reading of its consumer sentiment index improved to 73.8 in January
from 71.3 the previous month, beating expectations for a reading of
Separately, the Institute of Supply Management said that its
manufacturing purchasing managers' index rose to 53.1 last month
from 50.2 in December, well above expectations for a rise to 50.6.
The pound, meanwhile, was down against the euro and up against the
yen, with EUR/GBP trading up 1.61% at 0.8700 and GBP/JPY up 0.17%
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