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Will UK GDP Stop the Slide?
Cable has been hit extraordinarily hard over the past few days dropping nearly four big figures as dollar rallied. It’s not quite clear why cable should have weakened so give the generally robust growth in UK economy and the expectation that BOE will follow the Fed in hiking rates. Certainly the BOE is the only other major G-10 central bank that is even considering a tightening policy path.
Tonight’s second revision of GDP data may provide some solace to the bulls if the number is revised higher from 0.7% initially reported. Support may also come from technical factors as the pair is now at key double bottom support on the daily at 1.5350 and should see at least a mild bounce towards the 1.5500 area.