UK GDP Grows by 0.6% Annually, Beating Expectations

The Office for National Statistics (ONS) reported that the UK's Gross Domestic Product (GDP) grew by 0.6% on an annual basis in the third quarter, matching the second quarter's growth and surpassing the market expectation of 0.5%. However, the UK's GDP only increased by 0.2% monthly and remained unchanged on a quarterly basis.

Additionally, data from the UK indicated positive growth in Industrial Production (1.5%) and Manufacturing Production (3%) on a yearly basis in September. On the other hand, Total Business Investment contracted by 4.2% on a quarterly basis in the third quarter.

The strength of the dollar today can be attributed to Powell's recent speech, where he emphasized that the Federal Reserve (Fed) is still in its tightening cycle and may consider further rate hikes if necessary. This statement dashed market hopes for a policy shift and strained the pound-dollar pair, leading to more selling pressure.

The GBPUSD maintains its downward trend, with the next support levels identified at 1.2260 and later 1.2200. A robust support level for the price is anticipated at 1.2100.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2550	1.2450	1.2300	1.2260	1.2200	1.2100