GBP Awaits UK GDP
Both UK GDP and German IFO are due on Friday, both reports containing input of hard data and sentiment indicators of two economies on the rise. UK Q3 data (exp+0.8% q/q from +0.7% q/q) could show the strongest report in over 3 years. BoE's Carney's speech at the FT today made no mention of the economic data's confrontation of the central banks' yield-dragging endeavours . Yet, there's already chatter the BoE may adjust its forward guidance as a result of the rate of growth, which outpaced all BoE forecasts. Can GBPUSD take on the $1.63 figure, or is it risking a double top before a violent decline? And if Friday's UK data did disappoint, would it make sense to reverse the long standing bullishness in cable 4 days ahead of the FOMC meeting? GBPUSD currently stands above its 200-WMA by the highest margin in over 5 years. Some say the fundamentals and technical are overstretched, But that's what many have said 2 weeks ago and 2 months ago.
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