UK GDP declines 0.1% MoM in January vs. +0.1% expected

• UK GDP decreased 0.1% MoM in January, missing estimates by a wide margin.
• GBP/USD drops toward 1.2900 after the UK economic data.

The UK economy contracted in January, with the Gross Domestic Product (GDP) coming in at -0.1% after increasing 0.4% in December, according to the latest data published by the Office for National Statistics (ONS) on Friday. Markets projected a 0.1% growth in the reported period.