Investing.com - The pound extends losses against the U.S. dollar on Thursday, as the release of strong U.S. economic reports added to expectations for the Federal Reserve to begin tapering its stimulus program as soon as next month.
GBP/USD hit 1.5483 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5490, slipping 0.23%.
Cable was likely to find support at 1.5475 and resistance at 1.5551, Wednesday’s high.
The Commerce Department said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.
In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.
The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000.
But sterling's losses were limited amid expectations that the Bank of England may raise interest rates much earlier than it has indicated, following a recent series of improved U.K. economic data.
The pound was also supported following reports that the U.K.'s Vodafone had resumed discussions on a plan for Verizon to buy out Vodafone's stake in U.S. joint venture Verizon Wireless.
Meanwhile, investors remained cautious amid concerns over prospects for a U.S.-led military strike against Syria’s government, following the alleged use of chemical weapons.
Sterling was higher against the euro with EUR/GBP retreating 0.62%, to hit 0.8538.
The single currency was pressured lower by speculation that Greece will require a third bailout package in 2014.
Earlier in the day, data showed that the number of unemployed people in Germany rose by a larger-than-forecast 7,000 in August, the first increase in three months, while the unemployment rate remained steady at 6.8%.
GBP/USD hit 1.5483 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5490, slipping 0.23%.
Cable was likely to find support at 1.5475 and resistance at 1.5551, Wednesday’s high.
The Commerce Department said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.
In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.
The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000.
But sterling's losses were limited amid expectations that the Bank of England may raise interest rates much earlier than it has indicated, following a recent series of improved U.K. economic data.
The pound was also supported following reports that the U.K.'s Vodafone had resumed discussions on a plan for Verizon to buy out Vodafone's stake in U.S. joint venture Verizon Wireless.
Meanwhile, investors remained cautious amid concerns over prospects for a U.S.-led military strike against Syria’s government, following the alleged use of chemical weapons.
Sterling was higher against the euro with EUR/GBP retreating 0.62%, to hit 0.8538.
The single currency was pressured lower by speculation that Greece will require a third bailout package in 2014.
Earlier in the day, data showed that the number of unemployed people in Germany rose by a larger-than-forecast 7,000 in August, the first increase in three months, while the unemployment rate remained steady at 6.8%.