Investing.com

Investing.com - The pound fell against the dollar on Friday after data revealed U.S. new homes sales grew in April more than investors were expecting.



In U.S. trading on Friday, GBP/USD was trading at 1.6842, down 0.17%, up from a session low of 1.6830 and off a high of 1.6876.



Cable was likely to find support at 1.6802, Tuesday''s low, and resistance at 1.6921, Wednesday''s high.



The Census Bureau reported earlier that U.S. new home sales rose 6.4% to 433,000 units in April from 407,000 units in March, whose figure was revised up from a previously estimated 384,000. Analysts had expected new home sales to rise to 425,000 units last month.



A day earlier, the National Association of Realtors reported that existing home sales increased 1.3% in April to an annual rate of 4.65 million units, and hopes that the U.S. housing sector is improving strengthened demand for the dollar on Friday.



The pound, meanwhile, continued to come under pressure after data on Thursday confirmed that the U.K. economy grew 0.8% in the first quarter of the year from the previous quarter and 3.1% on year, disappointing some market expectations for upward revisions.



Elsewhere, sterling was flat against the euro, with EUR/GBP unchanged at 0.8095, and down against the yen, with GBP/JPY down 0.06% at 171.50.

















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