The pound dropped against its major counterparts on Friday in the European session, as risk sentiment declined due to the prospect for further tightening of policy by the U.S. Federal Reserve.
The overnight rise in U.S. Treasury Yields has fueled fears of an impending recession.
A recent slew comments by Fed officials indicated that interest rates were likely to continue rising for some time, in an effort to cool the inflation.
The Office for National Statistics reported that the UK economy did not experience a recession during the fourth quarter.
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As expected, the gross domestic product remained unchanged in the fourth quarter of 2022 after declining by 0.2 percent in third quarter. The pound fell to 1.1150 against francs and 0.8872 against euros, from its previous highs of 0.8848 and 1.1179, respectively. The pound’s support is around 1.105 against franc, and 0.90 against euro.
The pound has fallen to a 2-day-low of 157.76 per yen. This is a retreat from a high of early four days of 159.63. On the downside, it is possible to see 154.00 as its next level of support.
The pair traded at 1.2123. The next likely resistance is around…