GBP/USD falls to a session low of 1.2872
According to Markit, the data should point towards the UK economy posting a -0.2% q/q growth in Q4 this year - which is a tad worse than initial expectations from other data readings for a -0.1% q/q growth.
But if anything else, it just continues to reaffirm the economic struggles in the UK amid ongoing Brexit and political uncertainty experienced throughout the year.
In the big picture though, I don't think the data really tells us a lot about anything new but as mentioned earlier here, it is what appears to be enough to give cable sellers a slight nudge to search for a firm move below the 200-hour MA (blue line) @ 1.2899.
Right now, sellers will look to hold a break of the key near-term level above and maintain near-term control of the pair. The first test now is the swing region support around 1.2870 before further support is then seen closer to 1.2820-30.
In my view, we are still very much within "election range" for cable - which I see at 1.27 to 1.30 - and for now sellers are able to regain some momentum despite election sentiment continuing to favour Boris Johnson's Conservatives.
It's going to be choppy between the range up until 12 December so keep safe and play around the near-term levels as noted above.
The risk for sellers today is if they fail to hold a break of the 200-hour MA and the 1.2900 handle going into next week.
