- UK GDP arrived at +6.6% MoM in June vs. +6.7% expected.
- GBP/USD holds on to the latest recovery attempt post-data.
The UK GDP monthly release showed that the UK economy expanded sharply in July, arriving at +6.6% versus +6.7% expected and +8.7% previous.
The Cable keeps its recovery mode intact above 1.2800, off the highs on the UK GDP release.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).