Pound goes up on upbeat UK data

On Friday, the British pound soared against the greenback, after British second quarter growth was revised up more than expected as well as a positive British current account report eased worries over potential negative effects of Brexit.

The currency pair GBP/USD hit 1.2986 in European morning trade, then the pair consolidated at 1.2986, rising 0.17%.

Cable was likely to gain support at 1.2912, the minimum of September 23 and a one-month minimum as well as resistance at 1.3125, the peak of September 22.

The UK Office for National Statistics reported that during the second quarter, the country’s gross domestic product tacked on 0.7%, up from a previous estimate of 0.6% and compared to hopes for 0.6%.

However, on an annual basis, Britain’s GDP soared 2.1% during the second quarter, up from last estimate of 1.9%, though quite below hopes for a growth rate of 2.2%.

A separate report revealed that the British current account deficit increased only to £28.7 billion in the previous quarter from £27.0 billion in the first quarter.

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