UK Q4 GDP Prelim data came better-than-expected: Time to long GBPUSD?

[FXnewB]

The UK Office for National Statistics has just released the figures for the GDP First Estimate. The UK Prelim GDP q/q for the Q4 reading emerged at 0.6%.

The official report from the UK Office for National Statistics highlighted the following:

• UK gross domestic product (GDP) was estimated to have increased by 0.6% during Quarter 4 (Oct to Dec) 2016, the same rate of growth as in the previous 2 quarters.
• Growth during Quarter 4 was dominated by services, with a strong contribution from consumer-focused industries such as retail sales and travel agency services.
• UK GDP was estimated to have increased by 2.0% during 2016, slowing slightly from 2.2% in 2015 and from 3.1% in 2014.
• GDP per head was estimated to have increased by 0.4% during Quarter 4 2016 and by 1.3% during 2016.

According to the opinion of the Senior market analyst at AtoZForex, Edmundas Povilavicius, from technical GBPUSD analysis perspective, the pair continues its bullish rally guided by 50 hour SMA. Read more...