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The Sterling strengthened against the US Dollar on the reports indicating the first signs of the UK economic recovery. GBP/USD rose 51 base points or 0.39% to the 1.3125 mark. The pair continued surging to the weekly high of 1.3257, where the Pound managed to sustain its gains.
The Office for National Statistics revealed that the UK GDP marked a quarterly growth of 0.4% in the Q3 of 2017, surpassing analysts' forecasts for a 0.3% expansion. The strong data suggested that the Bank of England's expected move to hike interest rates to 0.50% in November was still on the table, though Brexit uncertainty kept weighing on household and business confidence as well as investment delays, which could lead to the slower economic growth.
| Historical Data Table: UK GDP q/q | Economic Calendar for 26.10.2017 | ||||||||
| Date | 27.10.2016 | 26.01.2017 | 28.04.2017 | 26.07.2017 | 25.10.2017 | 11:45 AM | ECB Interest Rate Decision | ||
| Actual | 0.50% | 0.60% | 0.30% | 0.30% | 0.40% | 12:30 PM | ECB Press Conference | ||
| Forecast | 0.30% | 0.50% | 0.40% | 0.30% | 0.30% | 2:00 PM | US Pending Home Sales | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.31256 | 1.3177 | 0.39% | GBP/USD | 60.38% | 39.62% | |||
| EUR/GBP | 0.8966 | 0.89312 | -0.39% | EUR/GBP | 25.23% | 74.77% | |||
| GBP/CAD | 1.66475 | 1.67181 | 0.42% | GBP/CAD | 55.36% | 44.64% | |||
| GBP/JPY | 149.452 | 150.385 | 0.62% | GBP/JPY | 51.15% | 48.85% | |||