Forex - GBP/USD remains moderately lower after weak U.S. data

The pound remained moderately lower against the U.S. dollar on Monday, as market sentiment continued to be pressured by global growth concerns, although downbeat U.S. manufacturing data weighed on the greenback. 

GBP/USD hit 1.5305 during U.S. morning trade, the pair's lowest since April 10; the pair subsequently consolidated at 1.5321, slipping 0.13%. 

Cable was likely to find support at 1.5249, the low of April 9 and resistance at 1.5410, Thursday’s high and a seven-week high.

Market sentiment was hit after official data showed the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.

Separate reports showed that Chinese industrial production also came in below expectations in March, while retail sales rose just slightly more than forecast.

In the U.S., data showed that the Empire State manufacturing index fell to 3.1 in April, from a reading of 9.2 the previous month, compared to expectations for a decline to 7.0. 

Meanwhile, the pound remained somewhat supported after recent U.K. economic data fuelled hopes that the economy could avoid a triple-dip recession in the first quarter.

Sterling was steady against the euro, with EUR/GBP dipping 0.05% to 0.8540.

Also Monday, Eurostat said the euro zone posted a trade surplus of EUR12.0 billion in February, up from a revised surplus of EUR8.7 billion in January. Economists had expected a surplus of EUR9.9 billion in February. 

The report said exports rose 0.1% year-on-year in February, while imports fell by 2.1%.