Investing.com - The pound slid lower against the U.S. dollar on Friday, as strong U.S. economic reports lent support to the greenback, while the Bank of England's decision to hold its monetary policy on Thursday continued to dampen demand for sterling.
GBP/USD hit 1.6718 during U.S. morning trade, the pair's lowest since April 8; the pair subsequently consolidated at 1.6731, shedding 0.31%.
Cable was likely to find support at 1.6648, the low of March 5 and resistance at 1.6820, Thursday's high and an almost two-month high.
In a preliminary report, the University of Michigan said its consumer sentiment index rose to 82.6 in April, from a reading of 80.0, compared to expectations for a rise to 81.0.
Separately, official data showed that U.S. producer price inflation rose 0.5% in March, exceeding expectations for a 0.1% gain, after a 0.1% fall the previous month.
Core producer price inflation, which excludes food, energy and trade, advanced 0.6% last month, compared to expectations for a 0.2% rise, after a 0.2% decline in February.
Meanwhile, the pound remained under mild selling pressure after the Bank of England on Thursday said it was maintaining the benchmark interest rate at 0.50%, in a widely anticipated move.
The bank also said it was to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.
Sterling was lower against the euro, with EUR/GBP rising 0.31% to 0.8301.