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GBP/USD falls as UK GDP contracts by more than forecast

The raft of UK economic data has just been released. The highlight of that being the latest monthly GDP data, which has fallen by more than expected, contracting by 0.3%. The industrial and manufacturing numbers were weaker than expected and all missed on the downside. The pound has immediately reacted by falling immediately on the news. The trade balance showed a wider deficit too and so none of this is good news. The low seen just then on the GBP/USD was set at 1.2527 but it could be at risk of a break of 1.25 given the weakness of this data. We shall have to see on that. This news has also lifted the EUR/GBP back above 0.8600 again but more on that a little later on. The GBP/USD is currently trading at 1.2529
 

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