Investing.com – The pound dropped to fresh six-week lows against the U.S. dollar on Friday, after the release of downbeat U.K. service sector data and as expectations for a March rate hike in the U.S. continued to support demand for the greenback.
hit 1.2227 during European morning trade, the pair’s lowest since January 17; the pair subsequently consolidated at 1.2235, shedding 0.26%.
Cable was likely to find support at 1.2148, the low of January 12 and resistance at 1.2308, Thursday’s high.
Research group Markit said its dropped to a five-month low of 53.3 last month from 54.5 in January. Analysts had expected the index to fall to 54.1 in February.
Meanwhile, the greenback remained broadly supported after a number of Federal Reserve officials this week for a March rate hike.
Analysts expected jobless claims to rise by 1,000 to 243,000 last week.
Sterling was also lower against the euro, with advancing 0.41% to 0.8603.
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