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Forex News: Pound Firms As U.K. GDP Rebounds More Than

Pound Firms As U.K. GDP Rebounds More Than Estimated

12/20/2019 - 07:10:00 (RTTNews)

(RTTNews) - The pound strengthened against its major opponents in the European session on Friday, as the UK economy recovered at a slightly faster than previously estimated pace in the third quarter.

Data from the Office for National Statistics showed that gross domestic product grew 0.4 percent sequentially, slightly faster than the 0.3 percent growth estimated initially and in contrast to the 0.2 percent decline seen in the second quarter.

On a yearly basis, economic growth was revised up to 1.1 percent from 1 percent in the third quarter.

Separate data showed that U.K. budget deficit narrowed to GBP 5.6 billion in November from GBP 5.4 billion last year. In the current financial year-to-date period, the budget deficit was GBP 50.9 billion, which was GBP 5.1 billion more than in the same period last year.

On the Brexit front, U.K. Prime Minister Boris Johnson opened the debate on the second reading of the withdrawal agreement bill.

With a clear majority in parliament, Johnson is likely to win the vote on the revised Brexit bill.

Meanwhile, Andrew Bailey is set to replace Mark Carney as head of the Bank of England.

Bailey, is currently deputy governor of BoE and the chief executive of the Financial Conduct Authority.

The currency has been trading higher against its key counterparts in the previous session.

The pound advanced to 1.3048 against the dollar, from a low of 1.3006 hit at 5:45 pm ET. The pound is seen finding resistance around the 1.32 level.

The U.K. currency rose to 0.8521 against the euro, after falling as low as 0.8552 at 6:00 pm ET. The pound is likely to challenge resistance around the 0.84 level.

Following a decline to 142.17 at 2:30 am ET, the pound climbed to 142.66 against the yen. If the pound rises further, it may locate resistance around the 144.00 level.

The pound gained to 1.2795 versus the franc, reversing from a low of 1.2715 set at 5:15 pm ET. The next possible resistance for the pound is seen around the 1.33 level.

Looking ahead, Canada retail sales for October and new housing price index for November, U.S. GDP data for the third quarter, personal income and spending data for November and University of Michigan's final consumer sentiment index for December will be featured in the New York session.

At 10.00 am ET, European Commission is slated to issue Eurozone flash consumer confidence survey results for December.

For comments and feedback: contact editorial@rttnews.com

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