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GBP / USD fell below 1.32

GBP / USD is declining after the publication of weaker macroeconomic data from the UK.

 

According to preliminary data, the UK's GDP in the third quarter grew by 15.5% compared to the second quarter. Experts had expected an increase of 15.8%. Annual GDP decreased by 9.6%, against the forecast of -9.4%.

 

In September, the volume of industrial production increased by 0.5%, against the forecast of + 0.8%. The volume of production in the manufacturing industry in September increased by 0.2%, against the forecast of + 1.0%.

 

Uncertainty about Brexit puts additional pressure on the British currency. Trade negotiations between London and Brussels are dragging on. So far, both sides state a lack of progress in addressing key issues.

 

The price bounced down very strongly from the level of 1.3300. Now the currency pair is at the support level 1.3175. If this level is broken, the decline can be continued to the level of 1.3110.

 

  • Resistance levels: 1.3235, 1.3300, 1.3350;

 

  • Support levels: 1.3175, 1.3110, 1.3065.

 

The main scenario - a breakdown of support at 1.3175 and a decline to 1.3110.

 

An alternative scenario - a recovery to 1.3300 from the current levels.

 

The current fundamental outlook is moderately negative. We consider shorts from the level of 1.3235.

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