British pound slipped lower against the US dollar on Friday, despite relatively positive UK data, as uncertainty aroused over future moves by the Federal Reserve, regarding its stimulus.
GBP/USD fell to a session low at 1.5232 at 8:46 GMT, after which consolidation followed at 1.5250. Support was expected at June 3rd low, 1.5196, while resistance was to be met at June 27th high, 1.5347.
Earlier today it was reported that Gfk Consumer Confidence indicator in UK advanced to -21 in June, confirming estimates, while in May the reading was -22.
Additionally, Nationwide House Prices in the United Kingdom rose by 0.3% in June on a monthly basis, slightly below the expected 0.4%. In annual terms, the indicator rose by 1.9% in June, below preliminary estimates of a 2.1% rise, and extending in comparison with the previous month, when house prices recorded an increase by 1.1%. This was the fastest climb rate in two and a half years. Results were supported by more affordable house loans, but still, as supply remained low, speculations were present over a growing house bubble. Additional factors in favor of house price growth in the United Kingdom may have been the moderate employment increase and lower mortgage rates, as a result of government pro-lending schemes.
Last but not least, Index of Services in the United Kingdom rose by 0.8% during the three months until April 2013, advancing from 0.6% in the previous period. Initial estimates pointed a rate of increase of 1.1%. Service sector in UK contributes to almost 75% of British GDP and encompasses the gross value of services in private and governmental sector.
In the mean time, mixed data was released from the United States on Thursday. The Department of Labor in US said, that Initial Jobless Claims fell by 9 000 to 346 000 during the last week, while experts projected a larger decrease, by 10 000 to 345 000. In addition, a separate set of data showed that US personal spending increased by 0.3% in May, as that met exactly the projected rate.
Pound went lower against the euro as well, with EUR/GBP cross expanding 0.27% to 0.8567.
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