UK GDP confirmed at 0.2% – GBP/USD hugs 1.30


No surprises: the British economy grew by 0.2% q/q and 2% y/y in the first quarter. This is a significant slowdown in comparison to 2016. The current account deficit came out slightly better than expected 16.895 billion.

The pound remains stable after the significant volatility we have seen beforehand. Carney sent the pound higher earlier in the week.

Here is how the recent moves look on the 30-minute chart:

The UK was expected to confirm the growth rate of 0.2% in Q1 2017. This is the third and final read of Gross Domestic Product. The second release was a downward revision from 0.3% to 0.2%. Year over year, a repeat of 2% was on the cards.

GBP-USD was trading at 1.30 ahead of the publication.

Britain´s current account was projected to show a deficit of 17.25 billion pounds, wider than 12 billion beforehand.

Next week, the pound faces the purchasing managers’ indices: manufacturing on Monday, construction on Tuesday and services on Wednesday.

Further comments from the Bank of England will rock Sterling as well.

More: GBP: Here Is Why Further Downside Is Likely Limited From Here – BTMU

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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.

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