As i am trying to run my application from newly updated Xcode 8 to my iPhone 4 which is running iOS 7.1.2
It throws below error,
I had a similar problem because the app store version was missing iOS 10.1 support in Xcode 8 and they haven't rolled an update yet. This caused the "Xcode: Could not locate device support files" problem. You can download the latest update https://developer.apple.com/download/ and it is more current and supports iOS 10.1 (14B72c).