Forex - GBP/USD rises on upbeat U.K. growth data

The pound rose against the U.S. dollar on Friday, boosted by the release of upbeat U.K. economic growth data, while uncertainty over the future of the Federal Reserve's stimulus program. 

GBP/USD hit 1.5638 during European morning trade, the pair's highest since August 21; the pair subsequently consolidated at 1.5632, adding 0.28%. 

Cable was likely to find support at 1.5562, Thursday's low and resistance at 1.5718, the high of August 21 and a one-month high. 

Sterling found support after official data showed that the U.K. gross domestic product grew by 0.7% in the second quarter, higher than expectations for a 0.6% expansion. 

Separately, the U.K. Office for National Statistics said, in a preliminary report, that business invest rose 0.9% in the last quarter, beating expectations for a 0.6% increase, after a 1.9% decline in the three months to March. 

Data also showed that mortgage approvals in the U.K. rose less-than-expected in July, rising by GBP37,200 after a GBP37,300 increase the previous month. Analysts had expected mortgage approvals to rise by GBP38,800 last month. 

Meanwhile, markets were jittery after U.S. jobless claims data on Thursday fuelled fresh uncertainty over whether the U.S. central bank will soon begin tapering its bond-buying program. 

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week rose by 13,000 to a seasonally adjusted 336,000, slightly higher than forecasts for 330,000. 

Sterling was higher against the euro with EUR/GBP shedding 0.22%, to hit 0.8549. 

Later in the day, the U.S. was to release official data on new home sales.