- British Pound steady, holding gains near the big psychological number 1.3000.
- UK GDP disappoints at 2.1% in August compared to 4.6% forecasted.
According to the latest GDP figures, the UK economy expanded at a slower pace than expected showing a much deeper slowdown than anticipated. The UK economy only expanded by +2.1% in August as the recovery from the COVID-19 crisis slowed.
At the same time, the services industries within the UK economy recovered at a faster pace than expected coming in at +7.1% compared to the expected figure of -4.0%, and much better than the prior reading of -8.0%.
For the British Pound, the GDP data miss was mostly a catalyst to slow down the two-day rally that started from Wednesday low.
At 08:50 UTC, GBP/USD trades +0.05% at 1.2938 near the upper end of its daily range.
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