The GBPUSD pair is making a slight recovery in today’s trading after seen struggling last Friday. The news of the British economy declining for the second quarter of 2019 worried pound traders.
The UK economy lost 0.2 percent in the months of April to June. According to the National Statistics Office, the data broke economists’ expectation of 0.5%.
The decline is the first in almost seven years. The last record was in the final quarter of 2012.
The GBPUSD inched 0.09% or 0.0011, trading at £1.2045. The exchange pair reached ranges between £1.2016 to £1.2055 in today’s open.
The British pound lost its strength of Friday, closing under March 2017 lows. However, some traders are expecting a positive outlook for the pound as BPM Boris Johnson announced his spending pledges.
On an annual basis, the UK economy dipped from 1.8% to just 1.2%. Chancellor of the Exchequer, Sajid David, blamed the vast economic weakness in the globe for the decline in the UK economy and other economies.
The Great Britain economy underperformed the US, the Eurozone, and the Japanese economy for the second quarter.
The GBPUSD has been greatly affected this year as pound traders fear Boris Johnson’s government. The pound sterling has fallen more than 4.5% against the greenback since the start of July.
Other exchange pairs of the pound also inched their way upward. The pound sterling’s struggle has prevented it from further gaining.
The GBPEUR pair climbed 0.48% or 0.0051 points in today’s trading session. The pair currently trades at £1.0793 against its previous close of £1.0741.
The GBPJPY inched 0.12% or 0.19 points, presently trading at £127.27. The pair closed at £1.27.15 its asked price reached levels between £127.23 to £127.31.
The GBPCAD gained 0.25% or 0.0040 points. The pair currently exchanges at £1.5956 against its last close of £1.5915.