British currency, the pound advanced against major currencies in Asian trade Friday despite a report from the National Institute of Economic and Social Research showed that the nation's GDP fell in the three months ended October.
The U.K.'s gross domestic product or GDP shrank 0.4% in the three months ended October compared to the previous three month period and similar to the 0.4% decline in the three months ended September, the latest monthly estimate of GDP from the National Institute of Economic and Social Research said Friday.
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Bank of England retained its key interest rate as expected and raised the size of the quantitative easing measures by GBP 25 billion to pull the economy out of recession.
The pound edged up against the euro during Friday's early Asian trading. The pound reached 0.8956 against the euro with 0.889 seen as the next upside target level. At Thursday’s New York session close, the pair was quoted at 0.8971.
Thursday, the European Central Bank held its key interest rate unchanged at a record low of 1% for a sixth straight month.
After showing a brief downtrend during Friday's early Asian trading UK's cable gained ground against the yen.
The cable is now trading at a 2-day high of 150.82 against the Japanese unit, climbed from a low of 150.23. This may be compared with Thursday's close of 150.48. If the cable moves up further, 151.3 is seen as the next likely resistance level.
The pound also showed strength against the currencies of US and Switzerland during this time period. The pound hit highs of 1.6619 against the buck and 1.6887 against the Swiss currency, with 1.669 and 1.71, seen as the next upside target levels respectively.
The pound was worth 1.6585 against the greenback and 1.6857 against the franc at Thursday’s New York session close.
