GBP/USD Daily Forecast – 27 November

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Thursday, Nov 26 2015

It was a steadier Thursday's trade with Thanksgiving holiday being celebrated in USA, and with many markets not being fully opened till Monday. It was a quiet trading day as speculators review George Osborne’s budget cuts and its effect on the UK economy. U.K. mortgage approvals increased in October and gross mortgage lending reached a seven year high, the British Bankers' Association said Wednesday. The number of mortgages approved in October rose to 45,437 from 44,825 in September. It was also below the expected level of 44,500.

Also after Wednesday's US figures markets are once again speculating on Fed rate hike. Yesterday’s economic data came in mostly in line or above expectations, suggesting the Federal Reserve is likely to raise interest rates in its next meeting in December. Speculators noted that the appreciation of the dollar so far has already priced in a rate increase in December, and that further appreciation is unlikely if the Fed takes a slow approach to subsequent rate increases.

Focus of tomorrow's session will be on UK GDP figures. Analysts are anticipating no change from Prelim reading that showed 0.5% increase in Q3. There will be no data releases in the US session.

Figures to watch:

Second Estimate GDP (Friday 10:30)

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