Investing.com - The pound remained near six-week lows against the U.S. dollar on Friday, as the release of upbeat U.S. data added to expectations for a near-term end to the Federal Reserve's bond buying program, sending the greenback broadly higher.
GBP/USD hit 1.2796 during U.S. morning trade, the pair's lowest since April 4; the pair subsequently consolidated at 1.5196, shedding 0.47%.
Cable was likely to find support at 1.5034, the low of April 4 and resistance at 1.5322, the high of May 16.
In a preliminary report, the University of Michigan said its consumer sentiment index rose to 83.7 in May, from a reading of 76.4 the previous month, beating expectations for a a rise to 78.0.
The University of Michigan also said its inflation expectations for this month remained unchanged at 3.1%.
The greenback strengthened broadly earlier, after John Williams, president of the Federal Reserve Bank of San Francisco, said the Fed could begin reducing its monetary easing this summer and end bond buying late this year.
Sterling was steady against the euro with EUR/GBP easing up 0.03%, to hit 0.8438.
The euro remained under pressure as recent disappointing data out of the euro zone fuelled speculation over an additional ECB rate cut to bolster growth.
GBP/USD hit 1.2796 during U.S. morning trade, the pair's lowest since April 4; the pair subsequently consolidated at 1.5196, shedding 0.47%.
Cable was likely to find support at 1.5034, the low of April 4 and resistance at 1.5322, the high of May 16.
In a preliminary report, the University of Michigan said its consumer sentiment index rose to 83.7 in May, from a reading of 76.4 the previous month, beating expectations for a a rise to 78.0.
The University of Michigan also said its inflation expectations for this month remained unchanged at 3.1%.
The greenback strengthened broadly earlier, after John Williams, president of the Federal Reserve Bank of San Francisco, said the Fed could begin reducing its monetary easing this summer and end bond buying late this year.
Sterling was steady against the euro with EUR/GBP easing up 0.03%, to hit 0.8438.
The euro remained under pressure as recent disappointing data out of the euro zone fuelled speculation over an additional ECB rate cut to bolster growth.