On Friday, the British pound inched up against the greenback after the publication of mixed British economic reports, while market participants remained mostly focused on the American nonfarm payrolls report due later in the day.
The currency pair GBP/USD reached 1.2178 during European morning trade, the session peak. The pair consolidated at 1.2176, ascending 0.10%.
Cable was about to gain support at 1.2134, Thursday’s minimum and a seven-week drop as well as resistance at 1.2216, Wednesday’s peak.
Aside from that, the UK Office for National Statistics told that manufacturing output dipped 0.9% in January, which is worse than hopes for a dip of 0.6% and following a surge of 2.2% in the previous month.
Additionally, on an annualized basis, manufacturing output inched up at rate of 2.7% in January, which is below forecasts for a 3% soar.
On a more positive note, the British trade deficit narrowed to approximately £10.83 billion in January from December’s outcome of £10.91 billion.
