The Sterling (GBP) was crushed lower in European trading a very large fall in Q4 GDP at -0.5% vs. +0.5% forecast. EUR/GBP soared above 0.8600 and GBP/JPY fell below Y130. Overall the GBP/USD traded with a low of 1.5749 and a high of 1.6020 before closing the day at 1.5820 in the New York session. Looking ahead, MPC Rate Meeting Minutes Released.
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