Pound Sterling Price News and Forecast: GBP picks up as Iran peace hopes offset soft UK GDP data

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British Pound picks up as Iran peace hopes offset soft UK GDP data

The British Pound (GBP) maintains a moderately positive tone against the US Dollar (USD) on Friday, as investors’ optimism about a US-Iran peace deal has offset rather uninspiring UK data. Bulls are testing the key 200-day SMA at 1.3415 at the moment, after bouncing from lows just above 1.3300 on Thursday.

The pair is drawing support from US President Donald Trump’s comments claiming a breakthrough in the US-Iran negotiations, which, in his words, may lead to a peace agreement in the “coming days”. Iran has shown a more contained enthusiasm, although a government spokesperson affirmed in local media that a deal “is closer than ever before.” Read more...

British Pound responds slightly positive to 0.1% decline in UK GDP in April

The British Pound (GBP) attracts slight bids against its major currency peers after the release of the United Kingdom (UK) monthly Gross Domestic Product (GDP) data for April. The GBP/USD claws back a majority of its early losses and rebounds to near 1.3410.

The Office for National Statistics (ONS) has reported that the economy contracted by 0.1%, as expected, as consumers and businesses front-loaded purchases in March, when the economy expanded by 0.3%, in anticipation of higher forward prices due to Middle East conflicts. Read more...

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