GBP/USD close to session lows as a raft of UK economic data looms at 7am GMT

The pound came under pressure later yesterday afternoon and that saw the drop below 1.2700 extend towards 1.2650 by the time of the US close. If you care to look at a chart of the price action you will see it was pretty much a one-way fall yesterday, from a high at 1.2788, to the US close, at 1.2673. This morning the Pound has traded to 1.2654 a moment ago and this further fall is mostly about dollar strength, but the EUR/GBP has lifted from the 2024 low seen earlier this week and that has added to the downside move in the GBP/USD. So, at 7am GMT we will get a whole batch of UK economic data released. That covers GDP, manufacturing and trade balances, construction and industrial output and the latest index of services. It is the GDP data that will surely attract the most market attention. The economy is forecast to show hardly any growth at all in the 3 months to October. The forecast is for a gain of just 0.1%. This data could decide, if the GBP/USD rebounds from the current lows, or not. The GBP/USD is currently trading at 1.2655 and the next minor supports are at 1.2630 and 1.2617. On the topside there is possible resistance around 1.2710. The Pound is right now at 1.2658