BREAKING: UK's GDP falls unexpectedly in May 📉

07:00 AM BST, United Kingdom - GDP data for May:

GDP: actual -0.1% MoM; forecast 0.1% MoM; previous -0.3% MoM;
GDP: actual 0.7% YoY; forecast 0.7% YoY; previous 1.1% YoY;

07:00 AM BST, United Kingdom - Industrial Production for May:

Industrial Production: actual -0.9% MoM; forecast -0.1% MoM; previous -0.6% MoM;
Industrial Production: actual -0.3% YoY; forecast 0.1% YoY; previous 0.3% YoY;

Weaker data is causing a pullback in the British pound. May's GDP decline is mainly due to the industrial sector. The GBPUSD pair continues to fall and is testing local lows from a few sessions ago. At the same time, this area marks the lower boundary of the descending trend channel. A break below this support could trigger a move toward the next support level at 1.34.

Source: xStation5

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