LONDON — Sterling is losing some of its earlier momentum against the dollar on Friday morning after worse than expected GDP figures.

The pound rose strongly against the dollar in early trade on Friday to reach as high as $1.2944. But sterling is pulling back after GDP figures released at 9.30 a.m. BST (4.30 a.m. ET) showed the economy grew by just 0.3% in the first quarter, less than economists expected.

Here’s how the pound looks against the dollar at 9.38 a.m. BST (4.38 a.m. ET):


Join the conversation about this story »

NOW WATCH: How to know if Snapchat stock is a buy or a sell