2018.08.0806:05:00UTC+00Pound Weakens Against Majors

The pound drifted lower against its major rivals in the European session on Wednesday.

The pound declined to 0.8992 against the euro, its weakest since November 2017. This may be compared to a high of 0.8959 hit at 5:30 pm ET.

The pound slipped to near a 10-month low of 1.2838 against the franc, more than 11-month low of 1.2894 against the dollar and near 11-month low of 143.02 against the yen, from its early highs of 1.2888, 1.2960 and 144.28, respectively.

The next possible support for the pound is seen around 0.91 against the euro, 1.25 against the franc, 1.275 against the dollar and 141.00 against the yen.