Published by Zeb BhamSterling traded at $1.6414 in foreign exchange markets yesterday afternoon (July 26th) following the release of figures from the Office for National Statistics indicating that Gross Domestic Product (GDP) rose by 0.2 per cent in the second quarter.According to Reuters, the figures caused the pound to reach a six-week high versus the greenback as the economic outlook for the US remained uncertain.JP Morgan Private Banks's head of currency strategy for Europe, the Middle East and Africa Audrey Childe-Freeman suggested sterling is still likely to face a "sluggish" third quarter, despite more positive results than some analysts had expected.However, she noted: "It was a relief that UK avoided a contraction in the economy and clearly the special factors had a negative impact."Meanwhile, the euro was at 88.34 pence following the figures.On Monday, prior to the release of the GDP data, sterling was at $1.6285, the newswire reported.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site