The UK’s final revised GDP figures were published on Monday. The report showed that the economy contracted 0.2 percentage points in the three months ending June.
There was little market reaction to the economic data in the backdrop of the Brexit drama. The GBPUSD briefly pared losses before reversing the trend.
GBP/USD to Resume Declines
The GBPUSD rose briefly during the intraday session, but prices were rejected promptly. The GBPUSD currency pair has turned flat following a decline 1.2291. The consolidation within 12370 and 1.2291 could result in a breakout from the range. This will potentially set the near term direction in the currency. We expect the downside bias to build up.
