FX : UK GDP contracts at record annual pace, despite upward revision; Pound eases
FXstreet.com (Barcelona) - United Kingdom's second quarter's Gross Domestic Product has been revised to a 0.7% decline, and a 5.6% year on year contraction, the largest annual contraction ever seen, from previous estimations of a 0.8% quarterly decline and 5.6% drop year on year.
The Pound has eased from session highs at 1.6328 to 1.6290 immediately after GDP figures were released, although the pair has returned to levels above 1.6300 afterwards.
Initial resistance level lies around 1.6325 area, and above here, 1.6400 and 1.6505. On the downside, next support level could be at 1.6250/60 session low, and below here, 1.6150 (Aug 27 low) and 1.6120.
