Investing.com - The pound fell to one-week lows against the U.S. dollar on Friday, as demand for the greenback remained supported by the previous session's upbeat U.S. data and as markets eyed an upcoming report on U.S. fourth quarter growth.
GBP/USD hit 1.4797 during European morning trade, the pair's lowest since March 20; the pair subsequently consolidated at 1.4820, slipping 0.20%.
Cable was likely to find support at 1.4720, the low of March 20 and resistance at 1.4995, Thursday's high.
The dollar found broad support after data on Thursday showing that the number of people filing unemployment assistance in the U.S. last week fell to a five-week low sparked optimism over the strength of the job market.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 21 declined by 9,000 to 282,000 from the previous week’s total of 291,000.
Another report showed that the U.S. service sector expanded at the fastest rate this month since September.
In the U.K., the Nationwide Building Society said on Friday that house prices rose 0.1% this month, compared to expectations for a 0.2% gain, after a 0.1% downtick in February.
Sterling was higher against the euro, with EUR/CAD shedding 0.36% to 0.7301.
Later in the day, the U.S. was to release final data on fourth quarter economic growth and the revised reading of the University of Michigan consumer sentiment index.