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GBP/USD tests key support as UK economic growth slows

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    As we go to press, the pound has managed to bounce back after its initial drop on the back of the UK GDP data. According to the ONS, economic growth slowed to half a per cent in the third quarter from a rate of 0.7% during the previous three months. Analysts were expecting a more moderate slowdown to 0.6%, hence the initial negative reaction of the pound. On a year-over-year basis, GDP grew 2.3 per cent, which was also weaker than expected. The slowdown in economic growth was driven by the

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