The pound managed to gain support from UK economic data published at the beginning of the European session.
The UK economy recovered in February following a massive vaccination program and the prospect of easing the coronavirus vaccine has lifted consumer confidence.
According to data released by the National Statistics Office (ONS), Gross Domestic Product (GDP) rose 0.4% after recording a revised 2.2% decline in January.
However, the reading was slightly off the market expectation for 0.5%growth.
All major sectors of the economy saw increased production. However, the economy remained 7.8% lower than the level before the outbreak hit the UK in February 2020.
The pound sterling traded up by trading around 1.3760 against the US dollar.
The UK’s progress in implementing vaccination programs also supports pound currency trading.
All groups over the 50s and at high risk in the UK have been given the vaccine a few days before the mid-April deadline set by the government, which also means a second phase of launch to groups under 50 will begin.
