GBP/USD holds positive ground around 1.2860 in Friday’s Asian session.
The US economy grew at an annual rate of 2.8% in Q2, stronger than expected.
The BoE is expected to cut rates for the first time in more than four years at its policy meeting next week.
The GBP/USD pair gains traction near 1.2860 amid the weaker Greenback, snapping the three-day losing streak during the Asian trading hours on Friday. However, the potential upside of the major pair seems limited as market players expect the Bank of England (BoE) to cut interest rates in August.
The US economy grew faster than expected in the second quarter (Q2), according to the US Department of Commerce in an advance estimate released on Thursday. The US Gross Domestic Product (GDP) grows at an annual rate of 2.8% in Q2, marking an acceleration from 1.4% growth in Q1. This figure came in stronger than the estimation of 2%.
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