Forecast: How will revised British GDP figures impact GBP/USD?

ForexNewsNow | Published on November 24, 2010 at 3:32 am

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UK flagNEW YORK (Forex News Now) – The British Office for National Statistics is due Wednesday to publish its revised GDP figures for the third quarter, in a major realtime forex news event.

The report is expected to support the preliminary figures, released a month ago, that show that gross domestic product rose 0.8% in the third quarter, compared with an increase of 1.2% in the second quarter.

The office is scheduled to release the report at 9:30 A.M., GMT; as such, the date is likely to have an impact on morning currency market trading.

The revised report is the second of three versions of GDP released a month apart – preliminary, revised and final. Although the preliminary release tends to have the most impact, any change in the revised result should affect currency markets.

According to GBP/USD analysis, a greater-than-expected rise in GDP could see the currency pair climb toward daily resistance levels.

Sterling rose against the greenback on Wednesday morning prior to the release of the figures, trading at 1.5788, up 0.08% on the day.

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