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Hardy: GDP and its impact on GBP
The UK economy grew 0.6 percent in the second quarter, in line with estimates, and twice the pace of the first three months. The UK Chancellor welcomed the news and said it had put the economy out of intensive care.
After gaining as much as 0.5 percent ahead of the report, GBPUSD pared back some of its gains.
Saxo Bank's John Hardy expects further consolidation until we hear from the Bank of England next week. He says it has been very volatile trading between 1.49 and 1.54 and that creates tremendous trading opportunities.
Data out of Germany also showed an improvement in the economy, with business confidence climbing to 106.2, marginally better than expected.
The euro spiked to 1.3240 before returning to the 1.3200 level. John says we are in a consolidation phase and is looking for it to break through 1.3250
01:42 minutes
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