Slower Growth of British GDP Makes Pound Weaker
The Great Britain pound extended its losses today after the final revision of the GDP report showed that the economic growth was slower that the experts previously estimated.
The growth of the UK gross domestic product has been revised down to 0.7 percent in the third quarter from the previously published estimates of 0.8 percent. The GDP in the third quarter of this year is 2.7 percent higher compared to the third quarter of 2009.
GBP/USD went down from 1.5467 to 1.5454 as of 12:52 GMT today. GBP/JPY dropped from 129.53 to 129.07.
If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.
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Earlier News About the Great Britain Pound:
- Britain's Interest Rates May Go Up, Helping Pound Gain vs. Euro (2010-12-21)
- British Pound Gains as Retail Sales Expands & Inflation May Rise (2010-12-16)
- Weekly Gains of Pound on Favorable Economic Data & EU Problems (2010-12-11)
- Higher House Prices Bolster Britain's Pound (2010-12-10)
- Sterling Strengthens with Growing Retail Sales & Manufacturing (2010-12-07)
4 Comments
I am currently -400 pips I took a long position at 132.393. In your opinion when do you think a bullish reversal back to this level is likely?
I’d suggest exiting your position ASAP.
Thank you for your reply. So in your opinion are you saying that you think there will be a strong bearish market before it returns to 132?
Thank you for your time?
I don’t know if there will be a strong bearish market before it returns to 132 or if it will return to 132 at all. I just know that GBP/JPY currently IS in a bearish trend and it’s unwise to keep long position open, which is already costing you pips.