Markets are waiting on UK Q3 GDP first reading at 08.30 GMT

Yes folks this morning's keenly awaited event is almost upon us.

Here's the median forecasts:

This is the first reading and invariably gets changed before the final result is known. A lot of today's reading is made up of estimates until all the required data is gathered.

Markets will be keen to see how the lower pound has impacted thus far as this will be the first full quarter since the Brexit vote was held.

So far economic data has proved quite resilient but that's to be relatively expected given that the UK is still trading under the same conditions. It's the fear and uncertainty that are the negatives.

Recent GBP weakness has been based more about govt/BOE tensions and the impression that Carney & Co are being squeezed for another cut/round of easing. Well if today's data comes in well under expectations I expect a few calls being made ahead of the MPC meeting next week.

The full terms of Brexit and its impact are a long way from being known so today's data is very much relative. Traders are desperate to get hold of whatever they can at the moment though and wring it out for as much as they can so we should expect some knee-jerk at the very least from the algos. US durable goods data out at 12.30 GMT might should cast a shadow though and prevent major moves.

Earlier this morning I said I thought we'd see 1.2200-50 hold into the data and that's proving correct so far. I took the final piece of my 1.2248 limit order short back at 1.2202 while retaining a core short. Strong sell interest at 1.2250 that I've been banging on about still in place and that will be the initial resistance of note, with more sellers/res between 1.2280-1.2300.

I remain a rally seller and today's data is not going to change that view until more substantial evidence is seen.

From current levels of 1.2208 we'll see as test of 1.2180-85 on a weaker set of data with more support/bids at 1.2150.

Full GBPUSD and EURGBP order boards here and here.

As always trade what you see and don't get greedy. Ours is not to reason why. Ours is just to sell and buy.

I wish you good trading and a few pips.