GBP/USD Plunges Following UK GDP Data

The Sterling Pound (GBP) is declining against the U.S. Dollar (USD) on Thursday, with the greenback fluctuating against major currencies but mostly maintaining the positive territory.

Meanwhile, the British Pound has declined to its level in roughly two weeks after data showed that the United Kingdom’s economy grew faster than expected by 1% in June.

For the second quarter of 2021, the British gross domestic product (GDP) registered a growth rate of 4.8%, which came in line with market forecasts but below the Bank of England’s (BoE) expectations of 5%.

GDP data attracted investors’ attention with some expecting that growth probably apexed, despite strong signs of recovery economic output remains below the level seen in the fourth quarter of 2019, prior to the coronavirus pandemic, by about 4.4%.

The GBP/USD pair is trading lower for the day by 0.45% at 1.3806.

The pair has been moving in a range between 1.3795 and 1.3879, going below 1.38 for the first time this month.