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Pound holds monthly gain as UK economic growth slows

London - The pound shrugged off slower-than-forecast economic growth in the UK to head for its biggest monthly advance in a year.

Gross domestic product rose 0.3% in the first quarter from the prior three months, less than the 0.4% median estimate of economists surveyed by Bloomberg and the slowest growth in a year.

Still, the currency held above $1.2900 and was set for its second monthly advance against the dollar after Prime Minister Theresa May announced a snap election for June on April 18.

“The slowdown was mostly priced in,” said  Ipek Ozkardeskaya, a senior market analyst at London Capital. “As a result, the $1.30 level stands as an appetizing target for GBP bulls, especially on the back of an almost-sure majority for Tories at the upcoming snap election.”

The pound traded 0.3% higher at $1.2937 as of 10:52, taking its monthly gain to 3.1%.

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