Investing.com - The pound was little changed against the U.S. dollar on Friday, after data showed that the U.K. economy grew in line with expectations in the fourth quarter, while a separate report showed that the U.K. current account deficit narrowed less-than-expected over the same period.
GBP/USD hit 1.6631 during European morning trade, the session high; the pair subsequently consolidated at 1.6615, inching up 0.03%.
Cable was likely to find support at 1.6510, the low of March 26 and resistance at 1.6717, the high of March 13.
Data showed that the U.K. gross domestic product rose by 0.7% in the fourth quarter, in line with expectations.
A separate report showed that the U.K. current account deficit narrowed to £22.4 billion in the fourth quarter, from £22.8 billion in third quarter, whose figure was revised down from a previously estimated deficit of £20.7 billion.
Analysts had expected the current account deficit to narrow to £14 billion in the fourth quarter.
Meanwhile, markets eyed the release of U.S. data later in the trading session, after economic reports on Thursday showed that U.S. jobless claims fell to the lowest level since late November last week and that U.S. economic fourth quarter growth was revised higher.
The upbeat data added to hopes that the slowdown in U.S. economic activity seen at the start of the year would be temporary.
Sterling was higher against the euro, with EUR/GBP slipping 0.13% to 0.8261.
In the euro zone, official data showed that French consumer spending rose 0.1% in February, less than the expected 0.8% increase, after a 2.1% decline the previous month.
Later in the day, the U.S. was to release a report on personal spending and revised data on consumer sentiment.