Investing.com - The pound was lower against the U.S. dollar on Friday, despite the release of positive U.K. public sector borrowing data, as the previous session's U.S. economic reports continued to support demand for the greenback.
GBP/USD hit 1.5846 during European morning trade, the session low; the pair subsequently consolidated at 1.5861, slipping 0.10%.
Cable was likely to find support at 1.5622, the low of June 17 and resistance at 1.5930, Thursday's high and a seven-month high.
The Office for National Statistics reported on Friday that U.K. public sector net borrowing hit £9.35 billion last month, up from £5.46 billion in April, whose figure was revised from a previously estimated £6.04 billion.
Analysts had expected public sector net borrowing to climb to £10.05 billion in May.
Meanwhile, the dollar remained supported after data on Thursday showed that U.S. initial jobless claims fell by 12,000 to 267,000 last week, pointing to ongoing strengthening in the labor market.
A separate report showed that factory activity in the U.S. mid-Atlantic region expanded at the fastest rate in six months in June.
Data also showed that showed that U.S. consumer prices increased at the fastest rate in more than two years in May, climbing 0.4% after a 0.1% gain in April. But economists had forecast an increase of 0.5% and inflation was still well below the Fed’s 2% target.
Sterling was higher against the euro, with EUR/GBP sliding 0.31% to 0.7131.
Sentiment on the single currency remained vulnerable after a meeting between Greek and euro zone officials broke down on Thursday, bringing the prospect of a Greek exit from the euro area a step closer.
The current bailout for Greece expires on 30 June when Athens is also due to repay the International Monetary Fund around €1.6 billion.
IMF Chief Christine Lagarde said if the payment is not made on time, Greece will be declared to be in default and would disqualify itself from receiving any further IMF funds.