UK GDP grows 6.6% MoM in July vs. +6.7% expected, GBP/USD off highs

• UK GDP arrived at +6.6% MoM in June vs. +6.7% expected.
• GBP/USD holds on to the latest recovery attempt post-data.

The UK GDP monthly release showed that the UK economy expanded sharply in July, arriving at +6.6% versus +6.7% expected and +8.7% previous.

The Cable keeps its recovery mode intact above 1.2800, off the highs on the UK GDP release. 

About UK GDP

The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).