FxPro Forex Analysis: Sterling fails at multi-year highs following soft GDP

Ahead of the UK GDP figure release this morning sterling was testing its multi-year highs around the 1.6850 level but the moment the data came out those gains were swiftly eroded.  We are still yet to have seen the near-term up trend break down as GBPUSD currently sits at 1.6800 at the time of writing, but following this morning’s data release the upside momentum looks like it could be more of a challenge.