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British pound slumps after mixed UK data
On Friday, the British pound decreased against the American dollar, following the publication of dismal British economic growth data as well as a more upbeat report on the country’s current account. Meanwhile, market participants eyed upcoming American economic reports.
The currency pair GBP/USD reached 1.2447 during European morning trade, which is the session minimum. This pair consolidated at 1.2465, sliding 0.10%.
Cable was about to get backed at 1.2401, Thursday’s minimum and resistance at 1.2598, the peak of March 28.
The UK Office for National Statistics reported that its final reading of fourth quarter GDP was a 0.7% soar, which is in line with hopes as well as a previous estimate.
However, year-on-hear GDP added 1.9% during the fourth quarter, which is below expectations and a previous forecast for a surge rate of 2%.
A separate report revealed that the UK current account deficit dropped to £12.1 billion in the fourth quarter of the previous year from £25.7 billion of the third quarter.
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