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,
In case of getting "Could not locate device support files" after your device iOS version has been updated and your Xcode is still old version, just copy old SDK under new name and restart Xcode. Open your terminal and do following:
$ cd /Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/
$ cp -rpv 10.3.1\ \(14E8301\)/ 11.2.1
Restart Xcode and it will most probably work.