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UK GDP beats forecasts and eclipses weaker data elsehwere- GBP/USD edges higher
The noted batch of UK economic data has just now hit the screens. The latest (May) reading of UK GDP was forecast to rise by 0.2%. It has actually risen by 0.4% and the annualised reading has beaten forecasts too, rising 0.9%. The other data on manufacturing and industrial production has not matched forecasts though and it is a little disappointing. So, it would seen that the majority of the growth improvement is all about services. The Pound has not really reacted yet to this conflicting data, but the GDP data is probably going to eclipse the misses elsewhere and so it seems the GBP/USD is still on the front foot. The next big level for the Pound is the current 2024 high, set on March 8, at 1.2894. The GBP/USD is currently trading at 1.2863
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