Investing.com - The pound was almost unchanged against the U.S. dollar on Friday, trading close to five-year highs after U.K. first-quarter economic growth data came out in line with expectations.
GBP/USD hit 1.7051 during European morning trade, the pair''s highest since June 20; the pair subsequently consolidated at 1.7033, inching up 0.04%.
Cable was likely to find support at 1.6952, the low of June 25 and resistance at 1.7063, the high of June 19 and a five-year high.
The Office for National Statistics said U.K. gross domestic product expanded by 0.8% in the first quarter, in line with market expectations.
A separate report showed that the U.K. current account deficit narrowed to £18.5 billion in the three months to April, from £23.5 billion in the fourth quarter of 2013 whose figure was revised down from a previously estimated deficit of £22.4 billion.
Analysts had expected the current account deficit to narrow to £17.5 billion in the first quarter.
Meanwhile, the dollar remained under pressure after data on Thursday showed that U.S. personal spending rose 0.2% last month, below expectations for an increase of 0.4%. Personal spending for April was revised to a flat reading from a previously reported decline of 0.1%.
The report added to expectations that the Federal Reserve could keep rates on hold for longer.
Sterling was steady against the euro, with EUR/GBP easing up 0.03% to 0.7996.
In the euro zone, official data earlier showed that French consumer spending rose 1% in May, exceeding expectations for a 0.4% gain, after a 0.2% fall in April, whose figure was revised from a previously estimated 0.3% decline.
Later in the day, the U.S. was to release revised data on consumer sentiment.
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