Credit: Investing.com -
Investing.com - The pound was almost unchanged against the U.S. dollar on Friday, hovering close to a three-week high after data showed that the U.K. trade deficit narrowed more-than-expected in January.
GBP/USD hit 1.4298 during European morning trade, the session high; the pair subsequently consolidated at 1.4285.
Cable was likely to find support at 1.4115, Thursday's low and resistance at 1.4409, the high of February 19.
The U.K. Office for National Statistics said the country's trade deficit narrowed to £10.29 billion in January from £10.45 billion in December, whose figure was revised from an initial deficit of £9.92 billion.
Economists had expected the trade deficit to come in at £10.3 billion in January.
The pound had strengthened after European Central Bank President Mario Draghi said that the ECB did not anticipate that it will be necessary to reduce interest rates further, but added that this could change.
The comments came after the ECB cut its benchmark interest rate to a record-low of zero from 0.05%. Market watchers had been expecting no change.
In addition, the ECB boosted its quantitative easing program by €20 billion per month to €80 billion, starting in April.
Sterling was higher against the euro, with EUR/GBP declining 0.60% to 0.7780.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
