Pound Weakens Against Majors; GDP Data In Focus

The pound retraced its early gains against its major counterparts in early European deals on Friday, ahead of the U.K. GDP data for the second quarter, due at 4:30 am ET.

The Office for National Statistics will issue revised U.K. quarterly national accounts for the second quarter. Economists expect the ONS to confirm 0.7 percent sequential growth for June quarter.

The pound pared gains to 1.4791 against the franc and 186.06 against the yen, off early 3-day high of 1.4906 and a 2-day high of 187.06, respectively.

The pound that climbed to 0.7286 versus the euro in the previous session reversed direction, with the pair trading at 0.7334.

The pound was trading at 1.5412 per greenback, off its previous high of 1.5445.

The pound is likely to locate support around 1.47 against the franc, 185.00 against the yen, 1.53 against the greenback and 0.745 against the euro.

The material has been provided by InstaForex Company – www.instaforex.com