According to the revised U.K. GDP report released by the Office for National Statistics (ONS), the British economy gained only 0.4% in Q3 2015 relative to Q2 2015, Market Leader reports. More specifically, the preliminary figures were downgraded. The thing is that the preliminary forecast was at 0.5%. This means that the pace of economic growth in Great Britain slowed down over the reporting period. As for the year-over-year figures, the British GDP gained only 2.1% in Q3 2015 relative to Q3 2014.
Another thing to pay attention to is that the experts interviewed by Bloomberg hadn’t expected any revision of the preliminary data, which means the revised report came as a surprise. Still, the 3rd quarter was a nice period for the United Kingdom in terms of consumer spending. The index gained 0.9% over the reporting period. The personal income increased by 1.2% over the last 12 months.
Not so long ago, the OBR released its forecast for the pace of the U.K. economic growth in 2016 and 2017. In particular, the GDP is expected to gain 2.4% and 2.5% in 2016 and 2017 respectively.
FOREX
Meanwhile, Masterforex-V Academy reports that the British Pound is still going down against the U.S. Dollar within the scope of the same long-term downtrend. At this point, the currency pair is trading close to 1.4920.
The closest level of support is located at 1,4712. The downtrend will be reversed only when the price breaks above the top of the descending MF sloping channel and pivot 1.5495.
