Investing.com - The pound tumbled to three-and-a-half month lows against the U.S. dollar on Friday, as upbeat U.S. employment data lent broad support to the greenback due to growing expectations for a near-term end to the Federal Reserve's stimulus program.
GBP/USD hit 1.4859 during U.S. morning trade, the pair's lowest since March 12; the pair subsequently consolidated at 1.4896, plummeting 1.16%.
Cable was likely to find support at 1.4832, the low of March 12 and resistance at 1.5079, the session high.
The greenback found support after the Bureau of Labor Statistics said the U.S. economy added 195,000 jobs in June, more than the expected 165,000 increase, after 195,000 jobs were created in May.
The report also showed that the U.S. unemployment rate remained unchanged at 7.6% last month, disappoiting expectations for a decline to 7.5%.
The data added to speculation that the Fed may soon decide to unwind its USD85 billion-a-month bond-buying program after a report on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.
Sterling was lower against the euro with EUR/GBP advancing 0.60%, to hit 0.8619.
Also Friday, official data showed that German factory orders dropped 1.3% in May, confounding expectations for a 1.2% increase, after a 2.2% decline the previous month.
GBP/USD hit 1.4859 during U.S. morning trade, the pair's lowest since March 12; the pair subsequently consolidated at 1.4896, plummeting 1.16%.
Cable was likely to find support at 1.4832, the low of March 12 and resistance at 1.5079, the session high.
The greenback found support after the Bureau of Labor Statistics said the U.S. economy added 195,000 jobs in June, more than the expected 165,000 increase, after 195,000 jobs were created in May.
The report also showed that the U.S. unemployment rate remained unchanged at 7.6% last month, disappoiting expectations for a decline to 7.5%.
The data added to speculation that the Fed may soon decide to unwind its USD85 billion-a-month bond-buying program after a report on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.
Sterling was lower against the euro with EUR/GBP advancing 0.60%, to hit 0.8619.
Also Friday, official data showed that German factory orders dropped 1.3% in May, confounding expectations for a 1.2% increase, after a 2.2% decline the previous month.