U.K. August GDP below expectations

U.K. August GDP was released at +2.1% on month, below +4.6% on expected.

Brexit 8

The U.K. Office for National Statistics has released August GDP at +2.1% on month, below +4.6% on expected. August Industrial production was also released below expectations at +0.3%, vs 2.5% expected.

From a technical point of view, on a 30-min chart, GBP/USD is posting a pull back on a rising trend line and on its 50-period moving average (in blue). Readers may therefore consider the potential for a rebound above horizontal support at 1.2925. The nearest resistance would be set at Oct. 8 top at 1.2970 and a second one would be set at horizontal resistance at 1.2990 in extension.

Source: TradingView, GAIN Capital

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