British Pound (GBP) Price Outlook: GBP/USD Stable After Strong UK GDP Data
GBP Price, News and Analysis:
- Second quarter UK GDP data show the economy grew by a stunning 22.2% year/year, just above analysts’ expectations.
- The beat was not sufficient, however, to strengthen GBP/USD, which is trading around the 1.3870 level with perhaps a weaker bias.
GBP/USD stable after UK GDP data
GBP/USD is holding its ground around the 1.3870 mark but with a possible bias to the downside despite news that second-quarter UK GDP expanded by a remarkable 22.2% year/year, up from the previous 6.1% contraction and just above the average forecast of analysts polled by the news agencies.
UK GDP Data
However, the figures were not strong enough to boost GBP/USD, which was broadly unchanged before and after the numbers.
GBP/USD Price Chart, Hourly Timeframe (August 9 – 12, 2021)
Source: IG (You can click on it for a larger image)
---Written by Martin Essex, Analyst
Feel free to contact me on Twitter @MartinSEssex
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.