Investing.com - The pound edged lower against the U.S. dollar on Friday, after the release of downbeat U.K. data, but remained within close range of a 27-month high as Thursday's positive comments by the Bank of England continued to support.
GBP/USD hit 1.6322 during European morning trade, the session low; the pair subsequently consolidated at 1.6324, slipping 0.12%.
Cable was likely to find support at 1.6198, Wednesday's low and resistance at 1.6450.
Data showed that net lending to individuals in the U.K. rose by GBP1.7 billion in October, after an upwardly revised GBP2.2 billion increase the previous month, compared to expectations for a GBP2.1 billion rise.
But the pound remained supported after the BoE said that risks to financial stability appeared lower as a result of the stronger outlook for growth. However, the bank warned that a sharp rise in interest rates, especially if not associated with rising incomes, could pose a threat to stability.
Sterling was also lower against the euro, with EUR/GBP adding 0.13% to hit 0.8335.
Also Friday, official data showed that German retail sales fell 0.8% last month, confounding expectations for a 0.5% rise, after a 0.2% slip in September.
GBP/USD hit 1.6322 during European morning trade, the session low; the pair subsequently consolidated at 1.6324, slipping 0.12%.
Cable was likely to find support at 1.6198, Wednesday's low and resistance at 1.6450.
Data showed that net lending to individuals in the U.K. rose by GBP1.7 billion in October, after an upwardly revised GBP2.2 billion increase the previous month, compared to expectations for a GBP2.1 billion rise.
But the pound remained supported after the BoE said that risks to financial stability appeared lower as a result of the stronger outlook for growth. However, the bank warned that a sharp rise in interest rates, especially if not associated with rising incomes, could pose a threat to stability.
Sterling was also lower against the euro, with EUR/GBP adding 0.13% to hit 0.8335.
Also Friday, official data showed that German retail sales fell 0.8% last month, confounding expectations for a 0.5% rise, after a 0.2% slip in September.