UK GDP data worse than expected. Retails sales more robust than expected

UK Q-1 GDP data has come in weaker than expected. The economy contracted -1.9% q/q, -4.1% y/y in the Q-1 2009, vs median forecasts of -1.5% and -3.8% respectively.

Cable not surprisingly is trading lower on the news, presently at 1.4625 from around 1.4660 post release. First technical support 1.4600.

Elsewhere March retail sales were more robust than expected, +0.3% m/m, +1.5% y/y, versus median forecasts of -0.3% and +1.1% respectively.