GBP/USD: Britain’s economic growth confirmed at 0.4% in 3Q 2017


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.13% against the USD and closed at 1.3309, after UK’s total business investments sharply slowed in the three months to September.

Preliminary data indicated that total business investment rose less-than-expected by 0.2% QoQ in the third quarter of 2017, while markets had expected for a gain of 0.3%. Total business investment had recorded a rise of 0.5% in the previous quarter.

Meanwhile, second estimate of Britain’s gross domestic product (GDP) rose 0.4% in the third quarter of 2017, in line with the flash estimates and compared to a rise of 0.3% in the prior quarter.

In the Asian session, at GMT0400, the pair is trading at 1.3293, with the GBP trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3273, and a fall through could take it to the next support level of 1.3253. The pair is expected to find its first resistance at 1.3325, and a rise through could take it to the next resistance level of 1.3357.

Going ahead, UK’s BBA mortgage approvals data for October, due to release in a few hours, will be on investors’ radar.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.