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Reading: GBP Price News and Forecast: British Pound trades cautiously as Bank of England dovish bets increase [Video]
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Gulf Press > Business > Forex > GBP Price News and Forecast: British Pound trades cautiously as Bank of England dovish bets increase [Video]
Forex

GBP Price News and Forecast: British Pound trades cautiously as Bank of England dovish bets increase [Video]

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Last updated: 2025/01/04 at 12:24 AM
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The Pound Sterling (GBP) is trading cautiously against its major peers as weak United Kingdom (UK) data puts pressure on the currency. The recent S&P Global/CIPS Manufacturing PMI data for December showed a contraction in activity at a faster pace, with a reading of 47.0 compared to the preliminary reading of 47.3. The downturn was seen across various industries, impacting business sentiment and raising costs for UK factories and their clients. This has led to a decrease in confidence, especially among SMEs.

Rob Dobson, Director at S&P Global Market Intelligence, highlighted that business sentiment is at its lowest in two years due to the new Government’s rhetoric and policy changes. This has dampened confidence and increased costs for companies, making it a challenging time for businesses, particularly during the latest downturn. The overall impact of these factors is weighing on the Pound Sterling and its performance in the forex market.

In terms of technical analysis, the short-term Elliott Wave view for GBP/USD remains bearish. The decline from the recent high on December 6, 2024, is seen as a 5-wave impulse, with wave ((i)) ending at 1.247 and wave ((ii)) rallying to 1.261. Following this, the pair turned lower in wave ((iii)) with internal subdivisions forming another impulse. The downward movement is expected to continue towards 1.2507, with further waves and corrections in play as per the Elliott Wave theory.

It is important for traders and investors to pay close attention to the technical indicators and market sentiment surrounding the Pound Sterling. With the uncertain economic conditions in the UK and the impact of external factors, such as global trade tensions and geopolitical events, the currency’s performance can be volatile. As such, having a well-informed trading strategy and risk management plan is crucial for navigating the fluctuations in the forex market and making informed decisions.

In conclusion, the Pound Sterling’s cautious trading stance is influenced by weak UK data and external factors impacting market sentiment. The S&P Global/CIPS Manufacturing PMI report for December highlighted a contraction in activity across industries, leading to decreased confidence and rising costs for businesses. The Elliott Wave view suggests a bearish outlook for GBP/USD in the short term, with further downward movement expected. Traders should closely monitor technical indicators and market developments to make informed trading decisions in the current economic environment.

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News Room January 4, 2025
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