Thursday, May 25, 2017 5:06 AM EDT
The UK economy grew by only 0.2% q/q in the first quarter of 2017. This is according to the latest estimate, the second out of three. Year over year growth dropped from 2.1% to 2%.
GBP/USD does not seem to react too much.
The second estimate of UK GDP was expected to confirm the initial read: a growth rate of 0.3% q/q and 2.1% y/y. Quarterly growth
Quarterly growth was quite robust following the EU referendum last June. The economy continued pushing forward at rates of around 0.6% and 0.7%. But, Q1 2017 already saw a sharp slowdown.
GBP/USD was hugging the 1.30 level ahead of the publication. The horrific attack in Manchester did not have a material impact on the pound.
Brits go to the polls in exactly two weeks. Campaigning has been suspended by all parties following the tragedy. It is expected to resume soon. Over the weekend, polls showed a narrowing gap between Theresa MAy’s Conservatives and Jeremy Corbyn’s Labour.
Resistance awaits at 1.3050, followed by 1.3130. Support awaits at 1.29 and 1.2770. We are currently trading back at the initial post-Brexit range: 1.28 to 1.35. This is up from the second phase: 1.20 to 1.27.
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, ...
more
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
less
How did you like this article? Let us know so we can better customize your reading experience.