In March, Britain's GDP fell by 5.8%, with a projected decrease of 7.9%. As a result, UK GDP for the first quarter of this year fell by 2.0% against the forecast of -2.6%, which led to the appearance of negative values in the annual report of -1.6%.
Since the actual data turned out to be noticeably better than predicted, the activity of GBP sellers remains moderate. Moreover, the current report can be perceived as moderately positive, which may support the GBP in the medium term.
We remind you that the quarterly report does not take into account the data for April, so in the second quarter the data may turn out to be much worse than the current ones - a bearish fundamental factor for GBP.