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UK annual growth upgraded to 2.9% – GBP/USD edges up

The third and final GDP read in the UK for Q1 2015 showed a better than expected growth rate. However, the current account missed.

GBP/USD is moving higher, but hesitating.

Q/q growth was predicted to  be upgraded from 0.3% to 0.4% and that’s what happened. The bigger surprise came from the annual level: it carried expectations for a rise from 2.4% to 2.5% but the actual number is 2.9%.

The bad news came from the current account: it showed a deficit of 26.548 billion pounds, worse than 23.75 expected. In addition, the previous figure was revised to the downside.

GBP/USD has moved up from 1.5715 to 1.5745 but the pair is paring most of its gains.

The crisis in Greece has a slight  indirect impact on the pound. Cable began the week with a weekend gap because of Greece, but recovered quite quickly.

More:  GBP/USD: Limited Pullback; – SocGen

Her is the move on the chart:


GBPUSD June 30 2015 technical chart pound dollar technical chart

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.