News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • The US Dollar is on the defensive against most ASEAN currencies, with key breakouts in USD/SGD and USD/IDR. USD/THB upside momentum is fading as USD/PHP consolidates. Get your market updates from @ddubrovskyFX here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.22% Silver: -0.74% Oil - US Crude: -0.79% View the performance of all markets via
  • Earnings are starting to lose their default bullish charge after the falter from Facebook and unimpressive afterhours Google response. Still AMZN and AAPL ahead Thursday, but for now focusing on $USDCAD with BOC:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇯🇵JPY: 0.04% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.01% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.07% View the performance of all markets via
  • Possible way to finance the Biden's Build Back Better agenda
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.25%, while traders in Wall Street are at opposite extremes with 76.29%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:
  • 🇨🇳 Industrial Profits (YTD) YoY (SEP) Actual: 44.7% Previous: 49.5%
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (SEP) due at 01:30 GMT (15min) Previous: 49.5%
  • The Australian Dollar has had a period of strengthening against most currencies but there might be some challenges ahead. Will the Australia Dollar go higher? Find out here:
Pound Declines on an Estimate for Slower GDP Growth

Pound Declines on an Estimate for Slower GDP Growth

Benjamin Spier, Technical Strategist

Talking Points:

  • NIESR predicts slower growth in 3-months ending in October
  • BoE said rates reliant on employment improvement
  • GBP/USD falls below 1.6100

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The pace of UK gross domestic product growth declined slightly in the three months ending in October, according to the monthly estimate release by the National Institute of Economic & Social Research. Three-month GDP growth was estimated at 0.7% for October, which was lower than the official 0.8% economic growth reported for the third quarter ending with September.

The NIESR release comes one day ahead of the Bank of England rate decision, and the central bank said last month that it will keep interest rates at a record low for the foreseeable future, despite signs of a strengthening economy. Furthermore, the UK PMI indicated that economic activity in the services sector accelerated at the fastest pace in 16 years in October. The BoE has said it will not raise interest rates until unemployment falls to 7%, meaning worse economic releases are Pound negative.

That is why the Pound declined 20 pips and below 1.6100 against the US Dollar following the release. GBP/USD may next see support by the key 1.6000 figure, and a 10-month high at 1.6260 may provide resistance.

New to Forex? Watch this video

GBP/USD 1-Minute: November 6, 2013

Pound_Declines_on_an_Estimate_for_Slower_GDP_Growth_body_Picture_1.png, Pound Declines on an Estimate for Slower GDP Growth

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.