GBP/USD: UK GDP and Manufacturing Production

The British Pound depreciated against the US Dollar, following the UK GDP data set release on Monday at 08:30 GMT. The GBP/USD exchange currency rate lost 17 pips or 0.13% right after the release. The British Pound continued trading at the 1.2690 level against the Greenback.

Office for National Statistics released the UK GDP data, which came out worse-than-expected of negative 0.4% compared with forecast negative 0.1%. Note, that the UK Manufacturing Production data was released at the same time.

According the official release: GDP growth showed some weakening across the latest 3 months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production, with uncertainty ahead of the UK's original EU departure date leading to planned shutdowns. There was also widespread weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK's original EU departure date has faded."