UK GDP contracts 0.1% MoM in October vs. +0.1% expected

• UK GDP declined 0.1% MoM in October, missed forecast.
• GBP/USD drops below 1.2650 after the UK economic data.

The UK economy contracted at a monthly pace of 0.1% in October after declining 0.1% in September, the latest data published by the Office for National Statistics (ONS) showed on Friday. The market forecast was 0.1% growth in the reported period.