GBP/USD: The UK economy is growing, but Sterling doesn't do anything at $1.26

The British pound rose sharply on Tuesday after a good report on jobs in the UK, but it didn't move at all today.

In early European trade, the GBPUSD pair did not move much, if at all. The British pound didn't change much around $1.26 after a report showed that Britain's economy grew by the expected 0.2% in April. The number put the UK back on a path of growth after the economy shrank the month before.

The pound gained more than 0.8%, or 100 pips, the day before. This was because the latest UK jobs report showed mixed signs. In the three months leading up to April, as many as 250,000 news jobs were formed. This is more than the 182,000 jobs that were hired in the three months before. The number was also higher than the average estimate of 150,000.

After US inflation went up to 4.0% in May, which was lower than expected, the dollar fell all over the world. Today, the Federal Reserve will meet, and then Fed Chairman Jay Powell will give a press statement. As soon as the latest interest rate decision is made by central bankers, the event is likely to make forex trades even more volatile.