The pound traded lower against its major counterparts in the European session on Monday, after an article written by the International Trade Secretary Liam Fox and Chancellor Philip Hammond showed that the UK will be completely out of the single market after the Brexit in 2019.

In an article for the Sunday Telegraph, Liam Fox and Hammond declared that the UK will be "outside the customs union" during the transitional period immediately after the leaving the EU and that any "interim period" would be time-limited and "cannot be a back door to staying in the EU."

"We will leave the customs union and be free to negotiate the best trade deals around the world as an independent, open, trading nation," the article showed.

"We are both clear that during this period the UK will be outside the single market and outside the customs union and will be a 'third-country' not party to EU treaties."

The pound showed mixed performance in the Asian session. While the pound rose against the franc and the yen, it held steady against the greenback and the euro.

The pound edged down to 142.08 against the yen, off its early 4-day high of 142.74. The next possible support for the pound is seen around the 140.00 area.

Data from the Cabinet Office showed that Japan's gross domestic product expanded 1.0 percent on quarter in the second three months of 2017.

That beat forecasts for a gain of 0.6 percent following the upwardly revised 0.4 percent increase in the three months prior.

The pound reversed from its early high of 1.3022 versus the dollar, dropping to 1.2962. The pound is seen finding support around the 1.27 mark.

The pound declined to 0.9098 against the euro and held steady thereafter. The pair finished Friday's trading at 0.9085.

Data from Eurostat showed that Eurozone industrial production declined for the first time in four months in June.

Industrial production decreased 0.6 percent month-on-month in June, reversing a revised 1.2 percent rise in May. This was the first decrease since February, when output slid 0.2 percent.

On the flip side, the pound climbed to a 5-day high of 1.2600 against the Swiss franc. The pound is likely to find resistance around the 1.27 region.

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