The Pound is Rising Overview 26.07.2017

The Pound is rising agains the US dollar on Wednesday. Currently the GBP/USD pair holds at 1.3056. British Pound found support from two sources at once. Statistical data supported the currency which turned out to be better than expected. Also, US dollar gave support of the Cable since the greenback still in a weaker position against other tradeable currencies.

The British economy rose by 0.3% q/q in Q2 of 2017 against estimated value 0.2%. By the way, the 1st quarter saw growth of the same 0.2%. The year-to-year GDP value rose by 1.7% while in the beginning of the year it showed a 2.0% growth.

As the details of preliminary report showed, the nonproduction sector has been the main contributor to GDP value: proceeds from services rose by 0.5% for the period from April to June. The production sector in turn fell by 0.4% while the construction industry decreased by 0.9% q/q.

It seems that the Pound fans has perceived the quarterly data as a confirmation of an opinion that the British economy is still a good one even bearing in mind the Brexit process having started.