GBP/USD has been trapped below 1.3400 since early New York on Thursday.

UK first-quarter GDP data was unrevised at 0.1% according to the second reading with the year-on-year rate also unchanged at 1.2%. Business investment was slightly weaker than expected with a 0.2% first-quarter contraction.

The index of services recorded 0.3% growth in the three months to March while mortgage approvals data was slightly stronger than consensus forecasts.

The data reinforced a lack of confidence in the domestic growth outlook and cast further doubts surrounding the potential for higher interest rates.

Sterling has also been hampered by a significant decline in oil prices during the past 24 hours with Brent trading below $78.0 p/b.

EUR/GBP edged higher to the 0.8770, but GBP/USD was resilient with support below 1.3350 as the US currency was unable to make further headway.