The pound is growing after strong GDP data, the market again believes in a rate hike

GBP / USD rose 0.3% to 1.3172 from 1.3110, the daily low, as the first estimate of UK GDP growth in the third quarter showed an increase of 0.4% relative to the second quarter of 2017, while the average estimate of economists suggested an increase of 0.3%. The Bank of England’s interest rate hike (BOE) remains above 80% next month, which provides the base for the pound. The Bank of England is going to raise interest rates for the first time in ten years. Offers for sale are visible within 1.3170-80, more – at 1.3200-10, dealers in Europe say. The pair is now trading above the 55-day moving average at 1.3156; 21-day moving average at 1.3228.
The services sector grew by 0.4%, industrial production jumped by 1%, while construction shrank the most in five years – by 0.7% after decreasing by 0.5% a quarter earlier. As inflation intensified to a maximum in more than five years, the head of the Central Bank, Mark Carney, for several months warned that a tightening of monetary policy might be required, and economists and traders expect the bank to increase borrowing costs on November 2.

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