*UK's GDP came in at 0.3% better than the forecast of 0.1%
*Price is likely to enter into the next area of active resistance
The UK’s GDP data was much better than expectations (actual 0.3% forecast 0.1%), somehow the UK’s economy still has the ability to surprise the markets with better reading.
Today’s reading turned out to be another early Christmas present for Sterling bulls, the currency broke the 1.23 mark against the dollar on the back of this data.
In this critical Brexit week, everyone is focused on one thing today: the vote in Parliament. Boris is still pushing for an early election, but his position has become even weaker due to the weekend’s event.
Having said this, the risk of No-deal Brexit is still serious and any strength in Boris’ position means more risk for the UK’s economy and weakness for Sterling.