Sterling hits three-week low against dollar

Sterling fell nearly one percent in American trade away from February 16 highs for the third straight session, following earlier data from the US, the world's largest economy, and amid a lack thereof from Britain. 

As of 05:25 GMT, GBP/USD fell 0.88% to 1.3787 from the opening of 1.3909, with a February 9 low at 1.3772, and a session-high at 1.3916. 

UK Prime Minister Theresa May said in earlier remarks that no physical barriers will be put on the border with Ireland after Brexit, while asserting that Britain seeks to regain control of its lows, borders, and finances. 

Otherwise, earlier disappointing US data showed GDP growth slowed down to 2.5% in the fourth quarter of 2017, matching expectations and down from the preliminary reading's 2.6% growth, and the third quarter's 3.2% growth rate. 

GDP prices slowed down as well to 2.3% in the second reading, missing expectations of 2.4%, while Chicago PMI slowed down to 61.9 in February from 65.7 in January, missing expectations of 64.2. 

Pending home sales fell 4.7% m/m in January, compared to no-change in December, revised from a 0.5% rise, while analysts expected a 0.4% rise. 

Federal Reserve Chair Jerome Powell testified on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC, on Tuesday, while on Thursday, Powell will testify before the Senate Banking Committee, thus completing the second half of his Congress testimony.