Pound Ends Friday with Gains

The Great Britain pound ended Friday with gains thanks to GDP report that was in line with analysts’ expectations and poor economic data from the United States. The currency still ended the week with losses versus the euro.
Britain’s gross domestic product grew 0.7 percent in the third quarter of this year from the previous three months. While the expansion was slower than the second quarter’s 0.9 percent, it matched forecasts. Experts argue that most market participants counted on a worse figure and the not-so-bad report resulted in relief, bringing the sterling higher.
The UK currency was falling at the previous trading session due to the negative retails sales report. Sales were down 0.3 percent in September from August, demonstrating a bigger drop than was expected by specialists.
GBP/USD rose from 1.6029 to close at 1.6085 on Friday. EUR/GBP dropped from 0.7915 to 0.7874, while GBP/JPY advanced from 173.50 to 173.91, bouncing from the intraday low of 172.96.

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