British pound falls after weak UK GDP report

The pound moved sharply lower against all other major currencies on Friday after data showed U.K. economic growth slowed more than expected in the first quarter.

The British currency fell to $1.3822 from $1.3915 late Thursday, then  to a seven-week low of 1.3803 prior to the release of the GDP report.

The Office for National Statistics said gross domestic product in the UK expanded by 0.1% in the first quarter, the lowest growth since the fourth quarter of 2012.

Economists had expected a reading of 0.3%. GDP grew 0.4% in the fourth quarter of 2017.

The pound is likely falling towards 1.3780 against the dollar, according to ING.

MarketWatch contributed to this article.