FxWirePro: GBP/USD advances on steady UK GDP growth

• GBP/USD rose on Monday  as sterling was supported by steady UK GDP growth in the third quarter  

• Britain's economy grew by 0.1% in the July-to-September period of this year, the Office for National Statistics said on Monday, in line with its initial estimate..

• Focus now turns to a busy run of macro releases. In the U.S., November non-farm payrolls are due on Tuesday, with job growth forecast at 40K and the unemployment rate seen at 4.4%..

• Last week the Bank of England said it expected zero GDP growth in the October-to-December period but it thought that the underlying pace of economic growth was around 0.2% per quarter.

• Money markets show traders think the Bank will deliver at least one rate cut in the first half of the year, and place a roughly 50% chance on a second before the year-end..

•   Immediate resistance is located at 1.3469(38.2%fib), any close above will push the pair towards 1.3521 (Higher BB)

•  Strong support is seen at 1.3367(Daily low) and break below could take the pair towards 1.3333 (50%fib).

  Recommendation: Good to buy around 1.3450, with stop loss of 1.3380 and target price of 1.3500