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British Pound (GBP) Price Outlook: GBP/USD Stable After Strong UK GDP Data

British Pound (GBP) Price Outlook: GBP/USD Stable After Strong UK GDP Data

Martin Essex, MSTA,

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.
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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

Source: DailyFX calendar

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)

Similarly, EUR/GBP barely reacted to the numbers, hovering around 0.8465, while stocks largely ignored them too, with London’s FTSE 100 marginally in the red in early trading.

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---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.

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