GBP/USD Fell Down to Support Due to UK GDP In-Line with Estimates

GBP/USD Today

The British Pound fell against the US Dollar despite UK GDP reporting in-line with estimates, as back-ward looking data may fail to support bullish outlook.

The second revision of first-quarter UK GDP figures confirmed output grew 0.8 percent, confirming previous estimates. The year-on-year growth rate reported at 3.1%, the highest since the fourth quarter of 2007.

The British Pound has enjoyed a swell in supportive monetary policy expectations and an upbeat GDP print certainly did not fall out of step with that dynamic. Despite the positive back-ward looking data, Spivak suspects whether the data will be enough to carry teh British Pound higher as there is a chance that most if it has already been priced in.