British pound moderately slumps after lackluster UK GDP data

British pound moderately slumps after lackluster UK GDP data

On Wednesday, the British pound moderately dipped versus the evergreen buck after data disclosed that British economic surge managed to pick up modestly during the second quarter of 2017, with the service sector powering surge.

The currency pair GBP/USD hit 1.3016, having reached a maximum of 1.3084.

The Office for National Statistics informed that the country’s GDP rallied by 0.3% for the three months to June, and from 0.2% surge in the first three months of 2017, which fits forecasts.

In the first quarter the UK economy managed to expand by 1.7% from 2.0% on a year-over-year basis. It fits forecasts too.

The UK service sector powered surge with output ascending by 0.5%, though industrial output lost by 0.4%, construction output dipped by 0.9%.

As some financial experts state, according to the report, the UK economy has faced a considerable slowdown in the first half of 2017.

The currency pair EUR/GBP tumbled 0.18% being worth 0.8925.

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