Britain’s GDP shrank more than initially estimated in the third quarter. Economists predict that the economy will contract once more in the current quarter. The number of Americans submitting new claims for unemployment benefits increased less than anticipated. Today’s GBP/USD outlook is bearish. Data released on Thursday revealed that Britain’s GDP shrank more than initially estimated in the third quarter of this year, placing it last among the Group of Seven major advanced countries ahead of what is expected to be a miserable 2023. –Are you interested to learn more about day trading brokers? Check our detailed guide- According to the Office for National Statistics, economic output decreased by 0.3% quarterly compared to a previous estimate of -0.2%. The ONS claimed that although the measurements were slightly biased to the downside by the one-time bank holiday for Queen Elizabeth’s burial, they showed that Britain had the lowest quarterly growth among the G7 countries. In quarterly terms, business investment decreased by 2.5%, compared to the prior preliminary estimate of a 0.5% decline. “The UK is expected to continue to do poorly in the future. Due to the strength of the headwinds from both monetary and fiscal policy, we anticipate that Britain will experience the deepest recession among major advanced countries in 2023, “Gabriella Dickens, an economist with Pantheon Macroeconomics, said. Most economists surveyed by Reuters predict that the economy will contract once more in the current quarter, which some analysts characterize as a recession. On Thursday, the US dollar gained ground over most of its major competitors as data from the country indicated that the labor market was strong, which might help the Federal Reserve maintain its hawkish stance. While the economy recovered more quickly than anticipated in the third quarter, the number of Americans submitting new claims for unemployment benefits increased less than anticipated last week, indicating that the labor market is still tight. GBP/USD key events today Investors will watch data from the US, including core durable goods, core PCE price index, and new home sales. Get FREE Forex Signals Now! GBP/USD technical outlook: Strong support at the 1.2000 psychological level The GBP/USD collapse has paused at the 1.2000 key psychological level, and bulls have returned for a pullback. The trend remains bearish as the price is firmly below the 30-SMA with the RSI below 50. –Are you interested to learn more about forex options trading? Check our detailed guide- This pullback might retest the 1.2109 support-turned-resistance before the downtrend continues. When bears return, the price will likely take out the 1.2000 support level and make a new low. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/JPY Price Analysis: US Labour Market Remains Tight Saqib Iqbal 1 month Britain's GDP shrank more than initially estimated in the third quarter. Economists predict that the economy will contract once more in the current quarter. The number of Americans submitting new claims for unemployment benefits increased less than anticipated. Today's GBP/USD outlook is bearish. Data released on Thursday revealed that Britain's GDP shrank more than initially estimated in the third quarter of this year, placing it last among the Group of Seven major advanced countries ahead of what is expected to be a miserable 2023. –Are you interested to learn more about day trading brokers? Check our detailed guide- According to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.