GBP Breaking News : UK Economy Expands 0.1% in Q1 of 2023,GBP/USDUK GDP first Quarterly estimates of UK real gross domestic product (GDP) shows that the economy increased by 0.1% in Quarter 1 (Jan to March) 2023 while the monthly estimates show that GDP fell by 0.3 IN March 2023, following an increase of 0.5% in January 2023.
The BOE yesterday announced upgraded growth forecast as the UK Economy remains rather resilient despite household’s struggles with rising prices. UK chancellor Hunt conforming his excitement at today report stating that its good news that the economy is growing but to reach the government’s growth priority we need to stay focused on competitive taxes, labor supply and productivity. The chancellor was also given a nod by the BOE yesterday with the fiscal support in Hunts spring budget seen as a supporting factor to the economic outlook.
The initial market reaction following the news has seen GBPUSD decline 15 pips before rallying to trade marginally up for the day bigger picture from a technical perspective, GBPUSD price came under pressure on yesterday around recent highs and key resistance area around the 1.2660 mark. A sell of down to 1.2500 followed but the bullish structure remains intact. A daily candle close below the 1.2460 level would invalidate the bullish structure and see further downside come into play with 1.2360 supports coming into focus which lines.