UK final Q-4 GDP has been unexpectedly revised down, to -1.6% q/q from -1.5%, and to -2.0% y/y from -1.9%. The q/q fall is the biggest since the Q-2 1980.
Cable was already under heavy pressure ahead of the release, with the USD seeing across the board gains, bolstered by various official comments suggesting its’ reserve status is under no threat. The GDP revision has just added fuel to the fire. Sell stops just below 1.4400 accelerated the move lower and we’re presently at 1.4320.
