Commenting on the UK Gross Domestic Product (GDP) data, Chancellor Jeremy Hunt said that “while an extra Bank Holiday had an impact on growth in May, high inflation remains a drag anchor on economic growth.”

"The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible. Our plan will work, but we must stick to it,” Hunt added.

Market reaction

At the time of writing, GBP/USD is keeping its range at around 1.3000 on the above comments. The pair is trading 0.15% higher on the day.