• 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
