- UK GDP came in at -0.3% MoM in April vs. 0.2% expected.
- The GBP/USD pair remains below 1.2300 after the drop in UK GDP.
The UK’s monthly GDP release has shown that the economy unexpectedly contracted in April, declining -0.3% vs. 0.2% growth expected and -0.1% prior.
For its part, the services index for April stood at 0% compared to the estimated 0.4% and the previous 0.4%.
GBP/USD halts recovery from 1-month lows near 1.2280 on surprise to the downside in UK growth figures.
About UK GDP
The Gross Domestic Product published by National Statistics is a measure of the total value of all goods and services produced by the United Kingdom. GDP is considered as a broad measure of economic activity in the UK. Generally speaking, an uptrend has a positive effect on the British pound, while a downtrend is seen as negative (or bearish).
Source: Fx Street
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