Investing.com -
Investing.com - The pound remained moderately lower against the U.S. dollar on Friday, as U.K. trade data continued to weigh, while relatively positive U.S. employment figures lent support to the greenback.
GBP/USD hit 1.6787 during U.S. morning trade, the session low; the pair subsequently consolidated at 16787, slipping 0.19%.
Cable was likely to find support at 1.6717, the low of May 30 and resistance at 1.6882, the high of May 27.
The pound came under pressure earlier, after official data showed that the U.K. trade deficit widened to £8.92 billion in April, from £8.29 billion in March, whose figure was revised from a previously estimated deficit of £8.48 billion. Analysts had expected the trade deficit to widen to £8.65 billion in April.
Separately, the Bank of England said consumer inflation expectations for the next year fell to 2.6% in the first quarter, from 2.8% in the three months to December.
In the U.S., the Labor Department said the economy added 217,000 in May, missing expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.
The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain, after a downwardly revised 270,000 increase in April.
The report also showed that the U.S. unemployment rate remained unchanged at 6.3% last month, compared to expectations for a rise to 6.4%.
Sterling was little changed against the euro, with EUR/GBP inching up 0.04% to 0.8124.
In the euro zone, official data earlier showed that Germany's trade surplus widened to €17.7 billion in April, from €15.0 billion in March, whose figure was revised up from a previously estimated surplus of €14.8 billion. Analysts had expected the trade surplus to widen to €15.2 billion in April.
Sentiment on the euro remained vulnerable after he European Central Bank on Thursday lowered its benchmark interest rate to a record-low 0.15% from 0.25% and said it will be conducting a series of Targeted Longer Term Refinancing Operations (TLTROs) to support bank lending in the euro zone.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.