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GBP/USD fails to react positively so far to better than expected UK GDP
The latest UK GDP data, along with a whole batch of other reports has just been released. Those other reports covered industrial and manufacturing, trade balance, index of services, construction output and business investment. However, it is the GDP data that concerns the markets most and it has emerged better than forecasts. That has surprised a few operators, but so far it has not helped the pound to rebound. The other data was mostly positive too. UK preliminary Q3 GDP was zero, where the markets were expecting a 0.1% contraction. The yearly growth rate was 0.1% better, at 0.6%. However, the GBP/USD has not really moved much at all yet on all this news. That is rather surprising, and unless it does, then it could be an alarm bell. The GBP/USD is just now trading at 1.2226
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