GBP/USD: UK GDP and Manufacturing Production

The British Pound traded sideways against the US Dollar, following the GBP data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate gained 5 pips or 0.04% right after the release. The British Pound continued trading at the 1.1.2475 level against the Greenback.

The Office for National Statistics released the UK GDP data , which came out in line with the expectations of 0.3%. Note, that the UK Manufacturing Production data was released at the same time. The data came out worse-than-expected of 1.4% compared with the forecast of 2.2%.

According to the head of GDP Rob Kent-Smith: "GDP grew moderately in the latest three months, with IT, communications and retail showing strength. Despite this, there has been a longer-term slowdown in the often-dominant services sector since summer 2018. The economy returned to growth in the month of May, following the fall seen in April. This was mainly due to the partial recovery in car production."