GBP/USD stays below 1.3800 after UK GDP misses estimates with 0.8% in May

UK GDP arrived at 0.8% MoM in May vs. 1.7% expected.
GBP/USD remains little changed on the downbeat UK GDP.

Dhwani Mehta FXStreet

The UK GDP monthly release showed that the economy expanded less-than-expected in May, arriving at 0.8% vs. 1.7% expectations and 2.3% previous.

Meanwhile, the Index of Services (May) came in at 3.9% 3M/3M vs. 1.4% prior.

The cable keeps its range around 1.3775 on the UK growth numbers. The spot trades 0.11% lower on the day.

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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