Investing.com - The pound remained lower against the U.S. dollar on Friday, after data showed that construction activity in the U.K. unexpectedly re-entered expansion territory in October, as sentiment remained under pressure amid ongoing euro zone debt concerns.
GBP/USD hit 1.6080 during European morning trade, the pair's lowest since October 31; the pair subsequently consolidated at 1.6104, falling 0.18%.
Cable was likely to find support at 1.6022, the low of October 30 and resistance at 1.6175, Thursday's high.
Markit research group said that the U.K. construction purchasing managers' index improved to 50.9 in October from a reading of 49.5 the previous month.
Analysts had expected the construction PMI to fall to 49.1 in October.
But sentiment remained under pressure after Markit said earlier that Spain's manufacturing PMI fell more-than-expected in October, ticking down to 43.5 from a reading 0f 44.6 the previous month.
Analysts had expected the manufacturing PMI to fall to 44.0 in October.
Separately, Italy's manufacturing PMI fell to 45.50 last month, from 45.70 in September, disappointing expectations for a reading of 45.90.
Markets were also jittery amid uncertainty over when Spain may request a bailout and whether Greece will secure the next tranche of its bailout funding.
Sterling was higher against the euro with EUR/GBP shedding 0.32%, to hit 0.7998.
Later in the day, the U.S. was to produce a government report on nonfarm payrolls, as well as data on the unemployment rate, followed by official data on average earnings and factory orders.
GBP/USD hit 1.6080 during European morning trade, the pair's lowest since October 31; the pair subsequently consolidated at 1.6104, falling 0.18%.
Cable was likely to find support at 1.6022, the low of October 30 and resistance at 1.6175, Thursday's high.
Markit research group said that the U.K. construction purchasing managers' index improved to 50.9 in October from a reading of 49.5 the previous month.
Analysts had expected the construction PMI to fall to 49.1 in October.
But sentiment remained under pressure after Markit said earlier that Spain's manufacturing PMI fell more-than-expected in October, ticking down to 43.5 from a reading 0f 44.6 the previous month.
Analysts had expected the manufacturing PMI to fall to 44.0 in October.
Separately, Italy's manufacturing PMI fell to 45.50 last month, from 45.70 in September, disappointing expectations for a reading of 45.90.
Markets were also jittery amid uncertainty over when Spain may request a bailout and whether Greece will secure the next tranche of its bailout funding.
Sterling was higher against the euro with EUR/GBP shedding 0.32%, to hit 0.7998.
Later in the day, the U.S. was to produce a government report on nonfarm payrolls, as well as data on the unemployment rate, followed by official data on average earnings and factory orders.