RTRS:Sterling eyes U.S. GDP after Draghi boost for euro
* Euro holds gains vs pound after ECB Draghi's pledge
* U.S. GDP data at 1230 GMT may help pound vs dollar
* Pound vulnerable due to weak economy, so far resilient
By Jessica Mortimer
LONDON, July 27 (Reuters) - The pound was steady just below a near four-year high against the euro on Friday, still showing the impact of European Central Bank President Mario Draghi's pledge to do whatever it takes to save the euro while the market awaited U.S. growth numbers.
Analysts said evidence of a weakening U.S. economy could help the pound against the dollar if it sparks talk of more monetary stimulus by the Federal Reserve when data is released at 1230 GMT.
Growth in the U.S. is expected to slow to 1.5 percent from 1.9 percent the previous quarter.
Sterling was steady at $1.5679 against the dollar. A rise above $1.5738 would mark its highest level in five weeks.
The euro was also flat at 78.30 pence against the pound, holding on to most of the gains made the previous day after Draghi's comments were interpreted as a strong signal the central bank could take steps to rein in soaring Spanish and Italian borrowing costs.
These comments brought the single currency comfortably above a low of 77.56 pence struck on Monday, its weakest level since October 2008.
Sentiment towards sterling had been knocked by figures earlier this week showing the UK economy slumped far more than expected during the second quarter, raising the risk that the UK could lose its prized top-notch credit rating.
However, because the market's focus has centred on events in the euro zone and the United States, analysts said sterling has remained relatively resilient and its falls have been limited.
"On the broader scheme of things euro/sterling has held in a relatively tight range against the euro," said Jennifer Hau, currency strategist at Lloyds.
"Sterling/dollar is likely to trade closely with euro/dollar and risk sentiment ... U.S. GDP will be a focus," she said, adding the risks were that the data would be weaker than expected, causing the dollar to fall broadly.
Still, analysts said sterling may be vulnerable to more weakness in the coming days and weeks as investors price in the prospect of further quantitative easing by the Bank of England or even a cut in its main interest rate by 25 basis points.
Concerns about the prospect of a credit rating downgrade may also weigh on the currency.
A poll conducted by Reuters on Thursday found that Britain had about a one in three chance of losing its AAA rating as a weak economy hampers government efforts to cut the deficit through a harsh campaign of budget austerity.