GBP rose against most of its major rivals in the European session on Friday, as investors shrugged off the weaker-than-expected UK’s GDP growth data for May.

The Office for National Statistics (ONS) reported the UK’s GDP grew by 0.8% m/m in May. This was much lower than the 1.5% advance economists had been looking for and marked a noticeable slowdown from a 2.0% m/m gain in April, despite a further easing of social-distancing rules. Compared with May last year, when Britain was in its first coronavirus lockdown, GDP surged by nearly 24.6%, slightly less than economists’ forecasts of 25.9%. Data also showed that the British GDP remained 3.1 percent below its pre-coronavirus pandemic levels seen in February 2020. 

The pound continued to be supported by the UK Prime Minister Boris Johnson’s plans to lift most of the remaining COVID-19 restrictions in England on July 19.