Pound Drops Against Majors

The British pound weakened against the other major currencies in the early European session on Wednesday.

The pound fell to an 8-day low of 1.2420 against the U.S. dollar, from an early high of 1.2475.

The pound dropped to 142.16 against the yen, from an early near 2-week high of 142.77.

Against the euro and the Swiss franc, the pound edged down to 0.8493 and 1.2532 from early highs of 0.8466 and 1.2573, respectively.

If the pound extends its downtrend, it is likely to find support around 1.22 against the greenback, 140.00 against the yen, 0.87 against the euro and 1.21 against the franc.

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

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