GBP/USD recovers lost momentum after a sharp dip on poor UK data

The British pound is recovering losses after sharp dip following weak UK data. UK Office for National Statistics (ONS) reported that the economy expanded 0.1% in the third quarter of the year, slower than estimates of 0.2% and the 0.3% growth seen in the second quarter. On an annualized basis, the UK economy grew at a moderate pace of 1.3%, against expectations and the prior release of 1.4%. Month-on-month, the UK economy contracted by 0.1% in September, while it was expected to remain flat. Meanwhile, manufacturing and industrial production have declined at a stronger-than-projected pace in September after rising in August. On month, the manufacturing and industrial production dropped by 1.7% and 2%, respectively. GBP/USD is currently trading higher by 0.17% at $1.3152 after having dipped to a low of $1.3098 in immediate reaction to the data. On the NSE, GBP/INR futures are up 0.23% at 116.70.

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