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GBP/USD in the spotlight this morning as UK data awaits

At 7am GMT this morning the UK will release a plethora of economic data. This is the last of any such releases ahead of the Bank of England policy decision tomorrow, at 12pm GMT. This morning the highlight of all these releases is probably the monthly GDP data (October), but the outcome of the latest industrial and manufacturing reports will not go unnoticed for sure. We also have data on construction, and services along with the latest trade balances. So, the markets are expecting a slight contraction in GDP in October, of -0.1%, compared to a meagre 0.2% rise in September. As to how the pound reacts to all this data remains to be seen, but as noted here yesterday, the move above 1.26 was not sustained. The GBP/USD fell back to 1.2514 ahead of the 4pm London Fix yesterday, but later rebounded into the US close, where it ended the day at 1.2563. It has traded mostly below that US closing level so far today. The range has been covered by 1.2548 to 1.2571. It is just now trading close to that session low, at 1.2549
 

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