• UK economy is expected to have expanded by 0.5% in Q1, contracts 0.1% in April.
• Brexit uncertainties offset upbeat manufacturing/industrial production/trade balance data.
The GBP/USD pair extended its sideways consolidative price action near the key 1.30 psychological mark and seemed rather unaffected by the latest UK macro releases.
Data released on Friday showed that the UK economy is estimated to have expanded 0.5% during the first quarter of 2019. The reading was in line with market expectations but was largely offset by an unexpected contraction by 0.1% in the month of April.
Separately, UK industrial/manufacturing production data and trade balance figures bettered consensus estimates but did little to provide any meaningful impetus to the British Pound amid the lack of progress in the UK cross-party talks to break the Brexit deadlock.
With today's UK macro data out of the way, market participants now look forward to the US economic docket - highlighting the release of latest consumer inflation figures, in order to grab some meaningful trading opportunities on the last trading day of the week.
Technical levels to watch
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