The preliminary reading of the first quarter 2020 UK GDP came in at -2.0% QoQ vs. -2.5% expected and 0.0% last while on an annualized basis the figure stood at -1.6% vs. -2.1% expected and +1.1% seen previously.

The UK GDP monthly release showed that the UK economy contracted in March, arriving at -5.8% versus -8.0% expected and -0.1% previous.

Meanwhile, Index of services (March) arrived at -1.9% 3M/3M vs. +0.3% expected and +0.2% prior.

The Cable keeps its range around 1.2275 region, largely unfazed by the UK growth numbers.

The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

Source : Fxstreet