Forex - GBP/USD holds steady after U.S. data

The pound held steady against the U.S. dollar on Thursday, after the release of strong U.S. economic reports, as investors remained cautious amid ongoing uncertainty over the future of the Federal Reserve's stimulus program. 

GBP/USD hit 1.5644 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5667, easing 0.07%. 

Cable was likely to find support at 1.5521, the low of June 11 and resistance at 1.5810, the high of February 10. 

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 12,000 to 334,000, compared to expectations for a decline of 1,000 to 345,000.

Separately, the Commerce Department said retail sales rose 0.6% in May, led higher by increased automobile purchases, beating forecast for a 0.4% increase. 

Core retail sales, which exclude auto sales, were up 0.3%, in line with expectations.

But investors remained cautious as the prospect of an end to central bank stimulus fuelled a broad based sell-off in risk assets and the greenback. 

Sterling was higher against the euro with EUR/GBP sliding 0.34%, to hit 0.8478. 

Also Thursday, the World Bank said in a report that the global economy will expand 2.2% this year, less than a January forecast for 2.4% growth and slower than last year’s 2.3%. 

It also lowered its projection for developing economies and said the euro zone's gross domestic product will fall 0.6%.

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