A miss in UK GDP: it remained unchanged at +0.3% q/q and was not revised higher. Year over year growth also remained unchanged at 2.4%.
GBP/USD is ticking lower and slipping below 1.5350.
Other UK figures improve the picture: the preliminary business investment for Q1 rose by 1.7%, better than 1.2% expected. BBA Mortgage Approvals stand at 42.1K, higher than last month’s 38.8K and better than 39.2K predicted.
The United Kingdom was expected to upgrade the assessment of its Q1 growth from 0.3% originally reported to 0.4% now.
GBP/USD traded at around 1.5360 towards the publication.
The British pound was one of the stronger currencies in the wake of the recent USD storm. Sterling withstood the greenback’s strength and managed to gain ground against other currencies such as the euro, Aussie and the yen.
One of the things that helped it was the strong retail sales report released last week, but it certainly needs more positive data to hold on, and this release doesn’t help.
More: GBPUSD: Sees Weakness, Eyes Key Support
— more coming
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