UK GDP beats estimates with -2.9 in January, GBP/USD off the lows

• UK GDP arrived at -2.9% MoM in Jan vs. -4.9% expected.
• GBP/USD bounces off the lows on the upbeat UK GDP.

The UK GDP monthly release showed that the economy contracted less-than-expected in January, arriving at -2.9% vs. -4.9% expectations and1.2% previous.

Meanwhile, the Index of services (Jan) arrived at -2.4% 3M/3M vs. 0.6% prior.

The Cable bounces-off a daily low of 1.3946 to now trade at 1.3955 on the UK growth numbers. The spot is still down 0.25% on the day.

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).