The Great Britain pound continued to move largely sideways on Thursday, refusing to move far from the opening level and extending the period of consolidation that has starter a while ago. Even the positive surprise in the form of faster-than-expected economic growth did not influence the currency much.
Britain’s gross domestic product rose 0.5% in the third quarter of 2016. While it was slower than the second quarter’s growth of 0.7%, it was a bigger increase than 0.3% predicted by analysts. The sterling rose after the report but sank almost immediately afterwards and is now trying to hang close to the opening level.
GBP/USD did not move far from the opening level of 1.2245 as of 11:33 GMT today after sliding to the low of 1.2200 intraday. EUR/GBP traded at 0.8916 after opening at 0.8904 and rising to the daily high of 0.8941.
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