The third and final GDP read in the UK for Q1 2015 showed a better than expected growth rate. However, the current account missed.
GBP/USD is moving higher, but hesitating.
Q/q growth was predicted to be upgraded from 0.3% to 0.4% and that’s what happened. The bigger surprise came from the annual level: it carried expectations for a rise from 2.4% to 2.5% but the actual number is 2.9%.
The bad news came from the current account: it showed a deficit of 26.548 billion pounds, worse than 23.75 expected. In addition, the previous figure was revised to the downside.
GBP/USD has moved up from 1.5715 to 1.5745 but the pair is paring most of its gains.
The crisis in Greece has a slight indirect impact on the pound. Cable began the week with a weekend gap because of Greece, but recovered quite quickly.
More: GBP/USD: Limited Pullback; – SocGen
Her is the move on the chart:
