Today starting at 08:30 GMT we’ll see a series of data releases from the United Kingdom, as we could see a more clear view about the Brexit impact in the national economy. Preliminary GDP, which gauges the gross demand product in the third quarter, is expected to see a decline from 0.7% to 0.3%, and the yearly-basis reading can be unchanged. The latest GDP release was positive for the UK, as we saw a better-than-expected number (0.7% vs. 0.6%).
Our technical view for GBP/USD at H1 chart is sideways, as the pair has been very volatile in the recent days. Currently, it’s edging higher above the 200 SMA and it can test the 1.2280 level in coming hours, only if we see a reading better-than-expected for GDP, while a negative scenario can produce a pullback and GBP can crawl lower towards the 1.2100 psychological level in a first degree.
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Origin: FX BAZOOKA
