GBPUSD, H1
The NIESR (National Institute of Economic and Social Research) confirmed its GDP estimate for the UK at 0.3% for the three months to April. This was in line with expectations, with the previous figure upgraded to 0.4% from 0.3%.
The UK continues to grow but it’s stumbling along, the Brexit debate and the global outlook continues to hang over growth prospects. This is no surprise and ammunition for both sides in the EU referendum debate.
Following the poor production data earlier today sterling came under pressure but has recovered, GDPUSD currently trades at 1.4440 whilst the EURGBP is now over the 0.7900 level.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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