Better than expected UK Q3 GDP data saw the pound in demand 27 Oct
As per my preview we've seen the initial knee-jerk reaction and then running of steam as GBPUSD retreated from 1.2272 and EURGBP bouncing back from a fall to 0.8893.
Currently 1.2237 and 0.8925
I remain a GBP rally seller and have happily sold into that one as per my preview and the order board levels. Will job some back in the dips as ever whilst retaining a core short position.
Demand expected now into 1.2230, then more at the previous 1.2200 lows.
The real test of the UK economy is yet to come, however much political clout UK fin min Hammond may want to make of this less than convincing initial reading.
Full ONS report here in case you didn't see it in my original data post
Here's a telling chart that demonstrates the fragility behind the headline data and the UK's dependence on the services sector.
