Investing.com

Investing.com - The pound slid against the dollar on Thursday after U.K. service-sector data missed expectations.



In U.S. trading on Thursday, GBP/USD was trading at 1.6582, down 0.26%, up from a session low of 1.6570 and off a high of 1.6661.



Cable was likely to find support at 1.6466, the low from March 24, and resistance at 1.6684, Monday''s high.



Industry data released earlier revealed that the U.K. service-sector purchasing managers'' index fell to 57.6 in March from 58.2 in February, missing analysts'' expectations for a 58.1 reading, which softened the pound against the greenback despite lackluster U.S. data.



In the U.S. earlier, the Labor Department reported that the number of individuals filing for unemployment assistance last week increased by 10,000 to 326,000 from the previous week’s revised total of 310,000.



Analysts had expected jobless claims to rise by 7,000 to 317,000 last week.



Meanwhile, the Institute of Supply Management said its non-manufacturing purchasing managers'' index rose to 53.1 in March from 51.6 in February, missing expectations for a reading of 53.5.



A separate report showed that the U.S. trade deficit unexpectedly widened to $42.3 billion in February from a deficit of $39.28 billion the previous month.



Analysts had expected the U.S. trade deficit to narrow to $38.5 billion.



Elsewhere, sterling was up against the euro, with EUR/GBP down 0.17% at 0.8268, and down against the yen, with GBP/JPY down 0.19% at 172.37.



The euro came under pressure against most major currencies after European Central Bank President Mario Draghi said monetary authorities were ready to release fresh stimulus measures to ward off deflationary pressures if needed.



On Friday, the U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.













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