Forex – GBP/USD hovers near 6-month peak after U.K. GDP data

Pound close to fresh 6-month highs vs. softer dollar

Investing.com – The pound was hovering near fresh six-month highs against the U.S. dollar on Friday, after the release of overall positive U.K. economic growth data and as sentiment on the greenback also remained vulnerable ahead of key U.S. data due later in the day.

hit 1.2944 during European morning trade, the pair’s highest since October; the pair subsequently consolidated at 1.2929, up 0.20%.

Cable was likely to find support at 1.2834, Thursday’s low and resistance at 1.2948.

The U.K. Office for National Statistics said expanded by 0.3% in the three months ended March 31, below forecasts for growth of 0.4%.

The U.K. economy grew by 0.7% in the preceding quarter and has now grown for 17 consecutive quarters.

Year-over-year, expanded 2.1% in the first quarter, also below forecasts for an expansion of 2.2%.

Meanwhile, sentiment on the greenback was fragile after U.S. President Donald Trump said .

The comments came shortly after Trump said that but he is looking for a diplomatic answer.

Market participants were also looking ahead to the release of reports on U.S. first-quarter growth and consumer sentiment, due later Friday.

Sterling was steady against the euro, with at 0.8427.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments