Front left wheel squeek / binding question...

I recently purchased my 2002 BMW 318CI Coupe, i know this engine size does not exist in the USA but im sure the brake/wheel setup will be similar to one of a larger engine.

It has done 74,000 miles and the pads + discs have been replaced.

I have been advised to check that my brakes are not binding when to car is in motion - to do this would it be a simple process of jacking the car up, releasing the handbrake and spinning the wheel to ensure no binding??

The squeek occurs when i drive at around 5mph, the sound is coming from the front left wheel and seems to become louder when turning. However, when i accelerate the squeek stops.

Any advice on what maybe causing this or what i should be checking would be greatly appreciated!

From across 'the pond', thanks!