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UK GDP Confirms a Marginal Slowdown, British Pound Slides Lower

UK GDP Confirms a Marginal Slowdown, British Pound Slides Lower

2014-03-28 10:12:00
David Maycotte,

Talking Points:

  • Final Revision of Fourth Quarter UK GDP In-Line with Flash Estimates
  • British Pound Falls vs US Dollar Following Data Release
  • U.K GDP Has Limited Implications on BOE Monetary Policy

The final revision of fourth-quarter UK GDP data came in as expected matching earlier estimates showing output grew 0.7 percent, and confirming a slowdown from the 0.8 percent increase recorded in the three months through September. The British Pound traded lower against the US Dollar following the data release. Daily FX Market Analyst David DeFerranti maintains a bullish outlook and sees near-term support at 1.6455 with resistance at 1.6600.

DailyFX Strategist Ilya Spivak sees limited follow through as the release is unlikely to yield a significant response considering its limited implications for the near-term direction of BOE Monetary Policy. Strong UK retail sales on Thursday lifted the sterling higher, and market rates show investors are pricing in the first MPC hike around March 2015.

UK-GDP-Confirms-a-Marginal-Slowdown-British-Pound-Slides-Lower_body_Picture_1.png, UK GDP Confirms a Marginal Slowdown, British Pound Slides Lower

GBP/USD 1-minute – using FXCM Marketscope 2.0.

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-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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