Investing.com - The pound remained lower against the U.S. dollar on Wednesday, as downbeat U.K. service sector data released earlier in the day continued to weigh on demand for sterling.
GBP/USD hit 1.6327 during U.S. morning trade, the pair's lowest since November 29; the pair subsequently consolidated at 1.6346, down 0.27%.
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.
Markit earlier 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.
In the U.S., the Institute of Supply Management said its non-manufacturing PMI declined to 53.9 in November from a reading of 55.4 in October. Analysts had expected the index to ease down to 55.0 last month.
In addition, the U.S. Census Bureau said new home sales rose by 25.4% to a seasonally adjusted 444,000 units in November, beating expectations for an increase to 428,000 and hitting a four-month high.
The reports came after data showed that U.S. non-farm private employment rose at the strongest pace in nine months in November, fuelling optimism over the U.S. labor market.
Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000. The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.
A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October, from a deficit of USD43.0 billion in September, whose figure was revised from a previously reported deficit of USD41.8 billion.
Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.
Sterling was fractionally higher against the euro, with EUR/GBP edging down 0.10% to 0.8283.
In the euro zone, official data earlier showed that retail sales fell 0.2% in October, confounding expectations for a 0.3% rise, after a 0.6% decline the previous month.
The report came after Markit said that the bloc's final services PMI inched up to 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.
GBP/USD hit 1.6327 during U.S. morning trade, the pair's lowest since November 29; the pair subsequently consolidated at 1.6346, down 0.27%.
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.
Markit earlier 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.
In the U.S., the Institute of Supply Management said its non-manufacturing PMI declined to 53.9 in November from a reading of 55.4 in October. Analysts had expected the index to ease down to 55.0 last month.
In addition, the U.S. Census Bureau said new home sales rose by 25.4% to a seasonally adjusted 444,000 units in November, beating expectations for an increase to 428,000 and hitting a four-month high.
The reports came after data showed that U.S. non-farm private employment rose at the strongest pace in nine months in November, fuelling optimism over the U.S. labor market.
Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000. The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.
A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October, from a deficit of USD43.0 billion in September, whose figure was revised from a previously reported deficit of USD41.8 billion.
Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.
Sterling was fractionally higher against the euro, with EUR/GBP edging down 0.10% to 0.8283.
In the euro zone, official data earlier showed that retail sales fell 0.2% in October, confounding expectations for a 0.3% rise, after a 0.6% decline the previous month.
The report came after Markit said that the bloc's final services PMI inched up to 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.