<｜begin▁of▁sentence｜>### Instruction:
Given a graph with the edge set [(1, 2), (1, 3), (2, 3), (2, 4)], and specified positions for each node arranged in a circular layout, how would you draw the graph using NetworkX with custom edge labels for each edge, also setting the font color for labels to red?
### Response:
import matplotlib.pyplot as plt
import networkx as nx

# Create a graph
G = nx.Graph()
G.add_edges_from([(1, 2), (1, 3), (2, 3), (2, 4)])

# Specify the positions for each node
pos = nx.circular_layout(G)

# Create edge labels
custom_edge_labels = {(1, 2): 'Edge A-B', (1, 3): 'Edge A-C', (2, 3): 'Edge B-C', (2, 4): 'Edge B-D'}

# Draw the graph
nx.draw(G, pos, with_labels=True, node_color='skyblue')

# Draw edge labels
edge_labels = nx.draw_networkx_edge_labels(G, pos, edge_labels=custom_edge_labels, font_color='red')

# Display the plot
plt.show()
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