Forex - GBP/USD drops on U.S. jobless claims, BoE decision

Better-than-expected weekly jobless claims data out of the U.S. and a Bank of England decision to hold interest rates unchanged at a record low sent the pound slipping against the greenback on Thursday.

In U.S. trading on Thursday, GBP/USD was trading at 1.5462, down 0.47%, up from a session low of 1.5549 and off from a high of 1.5588.

The pair was likely to find support at 1.5448, Tuesday's low, and resistance at 1.5592, Wednesday's high.

The Department of Labor reported earlier that the number of individuals filing for initial jobless claims in the U.S. last week fell by 4,000 to 323,000, defying expectations for an increase of 8,000 to 335,000.

The news sparked demand for the dollar by fueling sentiments the Federal Reserve may closer to winding down stimulus programs.

Stimulus tools, such as the Fed's monthly USD85 billion bond-buying program, weaken the greenback to spur recovery. 

Meanwhile in the U.K., the Bank of England left interest rates unchanged at a record low 0.5% and maintained the size of its asset purchase program at GBP375 billion.

Industrial output figures out of the U.K. curbed the pound's losses.

The Office for National Statistics said industrial production in the U.K. rose 0.7% in March, beating expectations for a 0.2% increase, after rising by a downwardly revised 0.9% in February.

Industrial output contracted by 1.4% compared to a year earlier, though the figure was better than expectations for a 2% contraction, mainly as unseasonably cold winter weather boosted electricity demand.

The ONS said U.K. manufacturing production rose by 1.1% in March, beating expectations for a 0.3% increase.

The pound, meanwhile, was up against the euro and up against the yen, with EUR/GBP trading down 0.25% at 0.8446 and GBP/JPY up 1.04% at 155.40.

On Friday, the U.K. is to release government data on the trade balance, while the U.S. is to report its latest data on the federal budget balance.

Also Friday, finance ministers and central bank heads from the Group of Seven nations are to hold the first day of a two day summit meeting.