Pound Drops After GDP Disappoints, Resilient vs. Dollar

The Great Britain pound fell against some of its major counterparts today as economic growth of the United Kingdom disappointed market participants. Surprisingly enough, the sterling was able to gain on the US dollar.

The Office for National Statistics reported that UK gross domestic product rose 0.5 percent in the fourth quarter of 2014 from the previous three months. The growth was below the market expectations of 0.6 percent and previous quarter’s expansion by 0.7 percent. Despite the negative data, the pound was resilient enough to hold its ground versus the dollar, which was not particularly strong.

GBP/USD advanced from 1.5075 to 1.5185 as of 14:35 GMT today. Meanwhile, GBP/JPY slid from 178.54 to 178.33.

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