The British pound weakened against the other major currencies in the early European session on Tuesday, after data showed that U.K. economic growth slowed more than expected in the first quarter.
Data from the Office for National Statistics showed that the U.K. gross domestic product expanded 0.3 percent sequentially during January to March period, the slowest growth since the fourth quarter of 2012. The growth rate was forecast to slow to 0.5 percent from 0.6 percent logged in the fourth quarter of 2014.
Year-on-year, GDP advanced 2.4 percent in the first quarter, slower than the expected increase of 2.6 percent.
The pound fell to 1.5174 against the U.S. dollar, from an early high of 1.5260.
Pulling away from an early 1-1/2-month high of 181.59 against the yen, the pound advanced to 180.69.
Against the euro and the Swiss franc, the pound edged up to 1.7159 and 1.4514 from early 5-day highs of 0.7131 and 1.4582, respectively.
If the pound extends its downtrend, it is likely to find support around 1.47 against the greenback, 177.00 against the yen, 0.73 against the euro and 1.40 against the franc.
The material has been provided by InstaForex Company – www.instaforex.com