GBP/USD taking no chances with UK GDP data today

At 6am GMT the UK will release a whole host of economic data. The highlight of that is the Q1 GDP estimate. This is expected to show the economy returning to growth in the first 3 months of the year. Prior to that the UK had been in a technical recession, with two consecutive quarters of negative growth. The data today is forecast to show Q1 GDP running at 0.4%, compared to a fall of 0.3% in the final quarter of 2023. There is also a whole lot of other data due to be released at the same time today and that covers Industrial and Manufacturing, business investment, construction and trade balances, but it is the GDP data that will grab the headlines, one way or the other. Ahead of this the GBP/USD managed to forge out a daily close last night above 1.2500, but thanks mostly to a relapse in the dollar yesterday afternoon. The GBP/USD closed at 1.2524, but it has not made any progress so far today and that is surely due to significant uncertainty over this GDP release. The range seen so far has been covered by 1.2512 to 1.2530. An update will follow here once that GDP data hits the screens. The GBP/USD is currently trading at 1.2516