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Forex News: Pound Eases As U.K. Economy Shrinks

Pound Eases As U.K. Economy Shrinks

11/11/2022 - 06:10:00 (RTTNews)

(RTTNews) - The pound retreated from its early highs against its most major counterparts in the European session on Friday, as the U.K. economy contracted in the third quarter, fuelling concerns over a recession.

The first estimate from the Office for National Statistics showed that the UK economy contracted for the first time since early 2021 in the third quarter.

Gross domestic product shrank 0.2 percent sequentially, offsetting the 0.2 percent gain in the second quarter. However, the pace of decline was slower than economists' forecast of -0.5 percent.

Chancellor Jeremy Hunt remarked that there is a tough road ahead and difficult decisions will be required to restore confidence and economic stability.

The GBP/JPY pair fell to 163.58, its lowest level since October 13. The pound is seen locating support around the 152.00 level.

The GBP/CHF pair pulled back to 1.1260, from a high of 1.1321 set at 2:50 am ET. On the downside, 1.11 is possibly found as its next support level.

The pound was down at 0.8749 against the euro. The pound may test support around the 0.89 level, if it drops further.

In contrast, the pound jumped to 1.1774 against the greenback, setting a 2-1/2-month high. The pound is likely to find resistance around the 1.22 level.

Looking ahead, University of Michigan's preliminary U.S. consumer sentiment index for November is set for release in the New York session.

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