Investing.com - The pound rose to one-month highs against the dollar on Thursday after U.S. private sector jobs data on Wednesday lowered expectations for a strong economic recovery. GBP/USD hit 1.5448 during European morning trade, the pair’s highest since May 10; the pair subsequently consolidated at 1.5445, gaining 0.26%. Cable was likely to find support at 1.5380, the session low and resistance at 1.5586, the high of May 9. The dollar remained under pressure after data on Wednesday showing that the U.S. private sector added fewer-than-expected jobs in May dampened expectations that the Federal Reserve would start to unwind its asset purchase program this year. Payroll processor ADP said U.S. non-farm private employment rose by a seasonally adjusted 135,000 last month, below expectations for an increase of 165,000. The data is sometimes seen as an indicator of Friday’s closely watched government report on nonfarm payrolls. The pound was boosted after data on Wednesday showed that service sector activity in the U.K. expanded at the fastest rate since March 2012 last month. The data reinforced expectations that the Bank of England would keep monetary policy unchanged at its monthly meeting later Thursday after better-than-forecast U.K. data on manufacturing and construction earlier in the week. Sterling was little changed against the euro, with EUR/GBP dipping 0.045 to 0.8494. The European Central Bank was to hold its monthly meeting later Thursday and the U.S. was to release the weekly report on initial jobless claims.

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