GBP/USD: short term technicals are bullish - Scotiabank

Analysts at Scotiabank explained that the UK GDP rose 0.4% in Q3, slightly ahead of market expectations for a 0.3% rise. 

Key Quotes:

"The year on year pace of growth was in line with forecasts at 1.5%, unchanged from the Q2 clip, but the small beat on the q/q measure was good enough to persuade market participants that a Nov BoE rate hike is more likely now (89% priced for a tightening next week)."

"GBPUSD short-term technicals: Bullish—Cable is strong on the short-term charts, with the market well-bid off the intraday low. Spot is testing the 40-day MA (1.3260) and liable to post a bullish reversal (outside range) in the event of a high close today."