Investing.com - The pound edged lower against the U.S. dollar on Thursday, as investors remained cautious ahead of the Bank of England's monthly policy statement, due later in the day.
GBP/USD hit 1.6348 during European morning trade, the session low; the pair subsequently consolidated at 1.6358, slipping 0.16%.
Cable was likely to find support at 1.6278, the low of November 28 and resistance at 1.6442, the high of December 2 and a 27-month high.
The pound came under pressure on Wednesday after Markit said the U.K. services purchasing managers index fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997. Analysts had expected the index to decline to 62.0 last month.
The data came a day after a report howed that the U.K. construction PMI rose to 62.6 in November, the highest level since August 2007, fuelling speculation that the BoE may tighten monetary policy ahead of other central banks.
Meanwhile, investors were also eyeing the release of a key U.S. jobs report on Friday, after a string of positive data over the week added to expectations the Federal Reserve will soon begin tapering its montly asset purchases.
Sterling was lower against the euro, with EUR/GBP edging up 0.17% to 0.8312.
Later in the day, the U.S. was to publish a revised estimate of third quarter gross domestic product, as well as the weekly report on initial jobless claims and data on factory orders.
GBP/USD hit 1.6348 during European morning trade, the session low; the pair subsequently consolidated at 1.6358, slipping 0.16%.
Cable was likely to find support at 1.6278, the low of November 28 and resistance at 1.6442, the high of December 2 and a 27-month high.
The pound came under pressure on Wednesday after Markit said the U.K. services purchasing managers index fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997. Analysts had expected the index to decline to 62.0 last month.
The data came a day after a report howed that the U.K. construction PMI rose to 62.6 in November, the highest level since August 2007, fuelling speculation that the BoE may tighten monetary policy ahead of other central banks.
Meanwhile, investors were also eyeing the release of a key U.S. jobs report on Friday, after a string of positive data over the week added to expectations the Federal Reserve will soon begin tapering its montly asset purchases.
Sterling was lower against the euro, with EUR/GBP edging up 0.17% to 0.8312.
Later in the day, the U.S. was to publish a revised estimate of third quarter gross domestic product, as well as the weekly report on initial jobless claims and data on factory orders.