GBP/USD Moves Up, NIESR Says U.K. GDP Contracted.

GBP/USD is trading at 1.3002, down 0.0028. The pair is trading moderately choppy and a good portion of the session losses have been erased. Market talk about comments from Bank of England members and economic data is making the rounds. The National Institute of Economic and Social Research (NIESR) estimated that U.K gross domestic product (GDP) contracted 0.2% in July versus June. The group estimates third quarter growth to be 0.3 percent.