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Pound Extends Decline for Third Session

August 28, 2015 at 11:43 by Vladimir Vyun

A fan of Great Britain 10-pound notesThe Great Britain pound extended its drop for the third straight day against the US dollar during the Friday’s trading session. The currency found little support from domestic macroeconomic data even though indicators were rather good.

UK gross domestic product expanded 0.7 percent in the second quarter of this year according to the second estimate — unchanged from the first estimate and in line with expectations. The GfK UK Consumer Confidence Index climbed from 4 to 7 in August even though experts had predicted no change. Yet all the positive reports were unable to rescue the falling sterling, though the losses were relatively small.

GBP/USD fell from 1.5401 to 1.5380 as of 11:41 GMT, trading near the low not seen since July 10. GBP/JPY declined from 186.31 to 185.99.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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