Investing.com - The pound held steady against the U.S. dollar on Friday, after data showed that U.K. public sector net borrowing rose less than expected last month, while demand for the greenback remained under pressure.
GBP/USD hit 1.5690 during European morning trade, the session high; the pair subsequently consolidated at 1.5659.
Cable was likely to find support at 1.5520, Thursday's low and resistance at 1.5750, the high of May 17.
The U.K. Office for National Statistics reported that public sector net borrowing rose by £6.04 billion in April, compared to expectations for an increase of £7.80 billion.
The change in public sector net borrowing for March was revised to a £6.06 billion gain from a previously estimated £6.74 billion increase.
Meanwhile, the dollar remained under pressure after a string of downbeat U.S. economic reports on Thursday fuelled fresh uncertainty over the strength of the recovery.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 16 rose more than expected by 10,000 to 274,000 from the previous week's total of 264,000.
Separately, the National Association of Realtors said that existing home sales fell unexpectedly by 3.3% in April to 5.04 million units from the previous month's revised total of 5.21 million units.
In addition, the Federal Reserve Bank of Philadelphia said that its manufacturing index declined to 6.7 this month from a reading of 7.5 in April, confounding expectations for a rise to 8.0.
Sterling was lower against the euro, with EUR/GBP climbing 0.57% to 0.7134.
In the euro zone, the Ifo Institute said that its German business climate index ticked down to 108.5 this month from 108.6 in April, compared to expectations for a decline to 108.3.
Later in the day, the U.S. was to release a report on consumer inflation.