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FxWirePro: GBP/USD succumbs to bearish forces after UK data shows zero growth in Q3

• GBP/USD declined sharply on Monday  as sterling attracted sellers after data showed British economic output failed to grow in the third quarter.

• The Office for National Statistics revised its estimate for GDP growth in the July-to-September period, lowering it to 0.0% from the previous forecast of 0.1% growth. 

• Separately, a survey   showed confidence among UK businesses fell to its lowest level of 2024 in December.

•At GMT 12:35, Sterling was last down 0.41% on the dollar at 1.2515

• Immediate resistance is located at 1.2591 (Daily high), any close above will push the pair towards 1.2614(38.2%fib).

•Support is seen at 1.487(23.6%fib) and break below could take the pair towards 1.2460(Lower BB).

Recommendation: Good to sell around 1.2530 with stop loss of 1.2590 and target price of 1.2440

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