The British pound money edges down during this Tuesday’s trading following the British economy avoiding a recession. The sterling and its futures are currently holding steady in sessions, not rallying but also not letting other currencies gain ground.
The British pound contract slipped by only 0.07% or 0.0009 points in today’s trading sessions. The futures were seen slowly inching down as they fight hard to hold on to current levels.
Meanwhile, after yesterday’s positive gains, the British pound to US dollar exchange rate finally entered red territories. The greenback was able to stop the pound money from getting away with consecutive gains against it.
The GBP USD trading pair is seen trading flat at -0.03 or 0.0004 points this Tuesday’s trading. The pair barely moved from its last close as it currently trades for $1.2847 and has reached levels from $1.2845 to $1.2867.
Meanwhile, the EUR GBP trading pair slightly went up by 0.03% or 0.0003 points in today’s trading. The pair only reached ranges from £0.8577 to £0.8587 in sessions.
Bearish traders are currently taking advantage of the current state of the pound money. Brexit and economy-related news helped held the British pound today in sessions.
Lucky for the Economy
The British economy managed to avoid falling into a recession in the third quarter or Q3 this 2019. However, Britain’s annual growth is still running low, nearing its slowest speed in a decade.
This is a result of the continuing uncertainties around the high-profile divorce of the United Kingdom and the European Union. The British pound money lives another day and is currently running on election-related news.
The British Official for National Statistics said yesterday that the economy expanded by 0.3% quarter-over-quarter. This presents a rebound from the 0.2% contraction in the second quarter.
The resilient household spending, booming tv and film industry, and higher government spending boosted the British economy.