UK Gross Domestic Product expected to shrink in Q3 as effect from higher interest rates feeds through

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• The United Kingdom’s Gross Domestic Product is foreseen posting a modest contraction in Q3.
• The Bank of England downgraded its forecast for economic growth in the November meeting.
• GBP/USD needs to recapture the 1.2400 mark and run past the 1.2427 peak to gain substantial upward momentum. 

The United Kingdom (UK) will release the Q3 Gross Domestic Product (GDP) preliminary estimate on Friday. Ahead of the announcement, the Pound Sterling is under selling pressure against its American rival, with GBP/USD trading at around the 1.2300 level after peaking this month at 1.2427.