The UK’s GDP declined sharply on Monday morning pushing the Cable down to the 1.29 region. The latest report showed that the country’s GDP shrunk in November, further than expected. 

The GDP was announced by the National Statistics, measuring the added value of the UK’s produced goods and services. There was a decline of 0.3% month on month in November 2019 for the UK economy. Soon after the release of the figures, the pair dropped around 30-pips, testing the 1.2950 support area. 

Index of services in November resulted at +0.1% 3M/3M vs. +0.2% expected and +0.2%.

In addition, the U.S. economy increased its job growth by 145,000 jobs in December. It was predicted that 164,000 would be gained. However, there was a drop in the average hourly earnings. 

On the other hand, the EUR/USD pair saw gains as traders hope for progression with regards to the trade war. 

Washington’s increase in jobs in December helped the pair rise on the chart, which is looking to go over Friday’s 1.1100 figure. The next relevance point is the 200-day SMA, at the 1.1140 region. 

Japan’s yen fell under pressure, due to reports on the Sino-trade deal. The phase one trade agreement is set to be signed later this week.