The UK economy grew at a higher rate of 0.6% q/q in the third quarter, better than originally reported at 0.5%. This is the period that immediately followed the EU Referendum on June 23rd. The downside of this report is that this growth rate comes on top of a lower basis: year over year GDP growth was downgraded to 2.2%.
In a separate publication, the UKs current account came out slightly better than expected, with a deficit of 25.5 billion instead of 27.5 expected.
GBP/USD, which was losing ground, bounced from the lows in the immediate aftermath. The 1.23 level worked as support several times, but was finally broken on yesterday’s good US data.
Here is how it looks on the Pound/dollar chart:
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