Global macro overview for 27/10/2015:
Worse-than-expected data from the United Kingdom had been released this morning. The Preliminary GDP came out below the expectations (0.5% q/q; 2.3% y/y versus 0.6% q/q; 2.4% y/y and 0.7% q/q; 2.4% y/y prior). Nevertheless, with wages growing up at a rapid pace, the economy might be advancing despite occasional small headwinds.
Following the data release, the GBP/USD technical picture suggested further weakening in this pair despite the fact that it had found important daily support at the level of 1.5299. Any breakout below the golden trend line would mean bears are in control again.
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