U.K. GDP data

• Business investment (q/q) (Q3), fact -1.1%, forecast -1.2%.
• Current account balance (Q3), fact -26.5B, forecast -21.7B.
• GDP (q/q) (Q3), fact 0.6%, forecast 0.6%.
• GDP (y/y) (Q3), fact 1.5%, forecast 1.5%.

The UK GDP data fully coincided with market expectations, but it couldn’t be said about the current account balance, which fell to the 2016 level. Data on the trade balance were the main negative factor in the report, and it is due to the slowdown in the decline in investment in the UK.

Fig. 1. U.K. current account balance chart

 

The pair GBP/USD has slightly accelerated the decline on the publication of statistics for the UK, but general dynamics of the British pound remains positive. The limiting factor is the general risks that put pressure on commodity assets and the uncertainty around Brexit. The pair GBP/USD is trapped in the ascending triangle and trading range from 1.2630-00 to 1.2700-30.

Fig. 2. GBP/USD chart. The current price is 1.2670.

Read also: “Stochastic Oscillator (Stochastic) is another useful indicator”

Hanzenko Anton

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