The pound edged lower against its main rivals on Friday (25 November), but remained on track to end higher against the euro for a fourth consecutive week after official figures confirmed the British economy remained resilient in the first quarter after the Brexit vote.

Having hit a 10-week high against the euro of €1.1817 in the previous session, sterling was down 0.41% against the common currency, trading at €1.1741, and was relatively flat against the dollar, exchanging hands at $1.2438.

More market reports

According to data released by the Office for National Statistics (ONS) earlier in the day, Britain's gross domestic product (GDP) grew 0.5% on a quarterly basis in the three months to the end of September.

The reading was in line with expectations and unchanged from the preliminary estimate released last month.

Meanwhile, the year-on-year reading was also unchanged, showing Britain's economy expanded 2.3% in the third quarter, up from the 2.1% reading recorded in the corresponding period in the previous year.

However, while the second GDP reading should at least partly allay fears over the short-term future of the economy, analysts suggested it had little impact on the currency market.

"It seems that investors took the UK's latest GDP reading in their stride, unfussed by further confirmation that the country grew by 0.5% in the third quarter," said Connor Campbell, financial analyst at Spreadex.

Elsewhere, the dollar's recent rally took a breather, as traders cashed in on profits amid very thin trading following the Thanksgiving bank holiday. The greenback, which touched a one-year high against the euro on Thursday, was down 0.33% against the common currency, trading at 0.9438 euro cents and was also down 0.32% and 0.39% against the yen and the Australian dollar, fetching ¥112.95 and AUD$ 1.3431 respectively.

"The dollar index has eased off a little as traders have decided to book some profit," said Naeem Aslam, chief market analyst at Think Markets.

"The December interest rate hike is very much in the bag, and the expectations are that we are going to see 2-3 more interest rate hike next year."