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

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

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

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.

—Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex





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