GBP/USD keeps gains near 1.2950 after UK GDP misses estimates with 2.1% MoM in August

• UK GDP arrived at +2.1% MoM in August vs. +4.6% expected.
• GBP/USD holds on to modest gains near 1.2950 post-data.

The UK GDP monthly release showed that the UK economy expanded less-than-expected in August, arriving at +2.1% versus +4.6% expected and +6.6% previous.

Meanwhile, the Index of services (August) arrived at +7.1% 3M/3M vs. -4.0% expected and -8.1% prior.

The Cable keeps gains near 1.2950, 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).