The second estimate of UK GDP was revised to a growth rate of 0.7%. The first estimate of GDP growth for Q2 was +0.6%, and was expected to remain unchanged at this time. Year over year growth was revised to 1.5% from 1.4%. BBA Mortgage Approvals were expected to advance from 37.3K to 38.3K but it dropped to 37.2K. Business investment rose by 0.9%. It was expected to rise by 0.6% (first release) after a drop of 1.9% beforehand.
GBP/USD was trading just above 1.56 towards the publication, moving up in a narrow range. It is now extending its gains and the pair already reached 1.5628.
Update: the pound now extends its gains and reaches 1.5633. EUR/GBP is falling, and trading at 0.8543 at the moment.
The pound moved above 1.57 earlier in the week, but it fell afterwards: the USD strengthened on the back of the FOMC Meeting Minutes.
For more: GBP/USD forecast.
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