According to the National Institute of Economic and Social Research (NIESR), the British GDP grew by 0.8% in the 3rd quarter of 2012. However, the experts say that the strengthening is a short-term phenomenon caused by the 2012 Olympics in London and the celebrations of Queen’s birthday.
At the same time, they assume that the British GDP will keep growing in the near future. However, the pace of this growth will be more moderate.
The official UK GDP report is scheduled for October 25th, 2012.
Forex.
According to , the British Pound keeps weakening against the US Dollar. The experts report that GBPUSD is still forming a bigger-scale downswing.
The closest levels of support are 1.5972, 1.5915, 1.5899.
The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.6215 (as shown below).
