GBP/USD better offered within recent ranges on UK GDP - Scotiabank

Analysts at Scotiabank noted UK GDP for Q1 was revised down to +0.2% Q/Q, from an already soft +0.3% in the preliminary report. 

Key Quotes:

"Weak consumption – which has shown signs of rebounding early in Q2 – and trade dragged on growth although some of the blame for the sputtering economy will likely be laid at the door of Brexit concerns.

Sterling has softened in response to the data but remains within the recent trading range."