Flash: GBP/USD decisively higher – BBH

FXstreet.com (Barcelona) – Marc Chandler, BBH Global Currency Strategy Team, said Sterling saw an instant positive reaction to better-than-expected UK GDP figures.

Key quotes:

“GBP/USD made a decisive break back above the 1.5600 level on the data, but fell short of hitting 1.5650”.

“The Q2 GDP preview for the UK came at 1.5% y/y and 0.7% q/q, both 0.1 percentage point higher than expected. Exports came in at 3.6% and imports 2.5% (both about double expectations) and gross fixed capital formation at 1.7% (trice expectations)”.

“The difference between the data on the ground and the BoE’s dovish tone is becoming …read more