Investing.com - The pound slid lower against the U.S. dollar on Thursday, pulling away from Wednesday's two-and-a-half week peaks as the greenback recovered from the previous session's losses ahead of the release of U.S. data later in the day.
GBP/USD hit 1.5430 during European morning trade, the session low; the pair subsequently consolidated at 1.5457, declining 0.47%.
Cable was likely to find support at 1.5255, the low of June 9 and resistance at 1.5554, Wednesday's high.
The dollar regained some strength after weakening broadly on Wednesday as investors looked ahead to U.S. retail sales and jobless claims data due later in the day for further indications on the strength of the economy.
The pound had strengthened on Wednesday after the U.K. Office for National Statistics reported that industrial output rose by 0.4% in April, ahead of forecasts for a 0.1% increase, following an upwardly revised increase of 0.6% in March.
However, the report also showed that U.K. manufacturing production fell 0.4% in April, reversing the previous month’s gains.
Sterling was higher against the euro, with EUR/GBP slipping 0.16% to 0.7281.
Sentiment on the single currency remained fragile as uncertainty over Greece continued, although hopes for an agreement on a cash-for-reforms deal lent some support.
Greece’s bailout agreement with the European Union and the International Monetary Fund is set to expire at the end of this month and it cannot make further debt repayments without a new deal.