On Friday, the British pound sank to fresh six-week minimums against the American dollar after the publication of dismal British service sector data as well as expectations for a March rate lift in America kept backing demand for the greenback.
The currency pair GBP/USD reached 1.2227 during European morning trade, which is the pair’s lowest value since January 17 and the pair subsequently consolidated at 1.2235, losing 0.26%.
Cable was about to gain support at 1.2148, the minimum of January 12 as well as resistance at 1.2308, Thursday’s peak.
Research group Markit told that its British services purchasing managers’ index sagged to a five-month minimum of 53.3 the previous month from 54.5 in January. Experts had expected the index to decline to 54.1 in February.
Meanwhile, the major American currency remained broadly supported after this week a number of Fed officials expressed their support for a March rate lift.
