Pound Refuses to Move Far from Opening After GDP Report

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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