FX.co ★ Global macro overview for 27/11/2015

Global macro overview for 27/11/2015:

The release of the UK GDP in the third quarter first reading is scheduled for 10:30 am GMT today. Economists expect the indicator to remain unchanged at 0.5% (2.3% y/y). Due to the slow economic growth in the eurozone, which is one of the UK strategic trading partner, the economy might face a strong headwinds. Maybe this is why recent remarks from Marc Carney were so different compared to the earlier statements regarding the rate hike at the turn of the year. Moreover, the euro is depressed as the ECB is ready to ease its monetary policy further at the December meeting. This explains why the Bank of England is in no rush to raise interest rates anymore.

The GBP/USD pair is trading just above the important technical support at the level of 1.5053. Any breakout lower will directly expose the next support at the level of 1.5026 to test.