“Weighted by GDP readings both sides of the Atlantic: in the UK, Q3 GDP came out at 0.7%, dragging the YoY reading down to 2.6%, below estimates of a 3.0%”.
“Better-than-expected US readings highlighted the imbalance between both economies, being the final trigger for the pairs’ slump”.
“As the US session comes to an end, the GBP/USD 1 hour chart shows that the price is developing well below its 20 SMA, whilst RSI reached 18 before correcting some, now again turning lower in oversold levels”.
“In the 4 hours chart technical indicators maintain a strong bearish momentum well into negative territory, all of which supports further declines”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.