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GBP/USD falls below 1.2550 as UK enters technical recession
The whole raft of UK economic data noted here a short while ago has just hit the screens and looking across all of this the standout takeaway is rather mixed. The headline Q4 GDP data has fallen more than forecast, by 0.3% from the previous quarterly decline and hence the UK has now fallen into a technical recession (defined by two consecutive quarterly declines). Against that the latest manufacturing and industrial production data was good, but construction output was weak. The GBP/USD has dropped a little on this news, as should be expected I suppose. The Pound fell below 1.2550 immediately upon hearing this GDP news. It has edged back immediately though and it is currently trading at 1.2559
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