British finance minister Nadhim Zahawi applauded the stronger-than-expected UK GDP data for May. The economy expanded 0.5% in the reported month when compared to zero growth anticipated.

Key quotes

"It’s always great to see the economy growing but I’m not complacent.”

"We’re working alongside the Bank of England to bear down on inflation and I am confident we can create a stronger economy for everyone across the UK."

Also read: GBP/USD jumps after UK GDP beats estimates with 0.5% in May

Market reaction

At the press time, GBP/USD clings to the renewed upside near 1.1925, higher by 0.34% on the day.