GBP remains strong despite slightly disappointing Q3 GDP
Christophe Chevalier November 12, 2020 7:13 AM
U.K. Q3 GDP was released earlier this morning at 15.5% on quarter, slightly below 15.8% expected.
U.K. Q3 GDP was released earlier this morning at 15.5% on quarter, slightly below 15.8% expected. September Industrial Production was also published below expectations at +0.5% on month, vs +1.0%. Manufacturing Production was up 0.2% on month, below +1.0% expected.
From a technical point of view, on a daily chart, GBP/USD is challenging the upper boundary of a bullish channel and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 1.2865. The nearest resistance would be set at September top at 1.3480 and a second one would be set at previous overlap at 1.3710 in extension.
Source: TradingView, GAIN Capital
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