FXstreet.com (Barcelona) - The Euro is rising strongly against the Pound in the last hour after the unexpected preliminary GDP contraction on the third quarter. EUR/GBP has climbed more than 150 pips from 0.9000 to break MA55 hourly at 0.9040 and reach intra-day highs above 0.9150.

Currently the pair is trading around 0.9145/55, 1.20% above today's opening price action at 0.9043.

British economy contracted at a 0.4% pace in the third quarter and at a 5.2% pace year on year, according to preliminary estimates, to disappoint markets which expected a 0.1% quarterly advance and a 4.7% year on year decline.