The British pound strengthened against the other major currencies in the European session on Friday, after the U.K. economy grew more than previously estimated in the second quarter.

Data from the Office for National Statistics showed that Gross domestic product climbed 0.7 percent sequentially in the second quarter, slightly revised up from the second estimate of 0.6 percent. This was the 14th consecutive quarter of positive growth since the first quarter of 2013.

Meanwhile, the annual growth for the second quarter was revised down to 2.1 percent from 2.2 percent.

Another report showed that the current account deficit totaled GBP 28.7 billion in the second quarter, up from a revised deficit of GBP 27 billion. The deficit equated to 5.9 percent of GDP.

The ONS said services output advanced 0.4 percent in July from June. On a yearly basis, the index of services grew 2.9 percent.

Gross fixed capital formation climbed 1.6 percent sequentially to GBP 78.1 billion in the second quarter.

At the same time, business investment grew 1 percent to GBP 43.8 billion in the second quarter.

In the Asian trading today, the pound held steady against its major rivals.

In the early European trading, the pound rose to 1.2991 against the U.S. dollar and 131.32 against the yen, from early 3-day low of 1.2937 and 130.42, respectively. If the pound extends its uptrend, it is likely to find resistance around 1.31 against the greenback and 135.00 against the yen.

The pound advanced to 0.8611 against the euro, from an early low of 0.8662. The pound may test resistance around the 0.84 area.

Against the Swiss franc, the pound edged up to 1.2579 from an early 4-day low of 1.2506. On the upside, 1.29 is seen as the next resistance level for the franc.

Looking ahead, Canada GDP data for August, Canada industrial and raw materials products price indexes for August, U.S. personal income and spending data for August, U.S. University of Michigan final consumer sentiment index for September, U.S. Chicago purchasing manager index for September and U.S. Baker Hughes rig count data are set to be announced in the New York session.

At 1:00 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan will participate in a moderated Q&A session before the Stemmons Corridor Business Association 35th Annual Meeting, in Dallas, United States.

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