Investing.com - The pound held steady against the U.S. dollar on Friday, after data showed that U.K. public sector borrowing rose more than expected last month, while expectations for an upcoming U.S. rate hike continued to support the greenback.
GBP/USD hit 1.5228 during European morning trade, the session low; the pair subsequently consolidated at 1.5287.
Cable was likely to find support at 1.5184, the low of November 18 and resistance at 1.5335, Thursday's high and a two-week high.
The U.K. Office for National Statistics reported on Friday that public sector net borrowing rose by £7.47 billion in October after an increase of £8.33 billion in September, whose figure was revised from a previously estimated £8.63 billion rise.
Analysts had expected public sector net borrowing to increase by £5.50 billion last month.
Meanwhile, the dollar remained supported after the minutes of the Federal Reserve's October meeting showed on Wednesday that a majority of board members are in favor of a December rate hike.
"While no decision had been made, it may well become appropriate to initiate the normalization process at the next meeting," the minutes said.
Upbeat U.S. economic reports released on Thursday added to expectations for a U.S. rate hike before the end of the year.
The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending November 14 declined by 5,000 to 271,000 from the previous week’s total of 276,000.
Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 1.9 this month from October's reading of -4.5.
Sterling was higher against the euro, with EUR/GBP declining 0.45% to 0.6988.