GBP/USD keeps gains near 1.2950 after UK GDP misses estimates with 2.1% MoM in August

UK GDP arrived at +2.1% MoM in August vs. +4.6% expected.
GBP/USD holds on to modest gains near 1.2950 post-data.

Dhwani Mehta FXStreet

The UK GDP monthly release showed that the UK economy expanded less-than-expected in August, arriving at +2.1% versus +4.6% expected and +6.6% previous.

Meanwhile, the Index of services (August) arrived at +7.1% 3M/3M vs. -4.0% expected and -8.1% prior.

The Cable keeps gains near 1.2950, off the highs on the UK GDP release.

About UK GDP

The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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