The Pound Sterling (GBP) declines in Friday’s European session as dismal market sentiment dampens the appeal of risk-sensitive assets.
The Pound Sterling faces selling pressure as the appeal for risk-sensitive assets fades. The UK economy grew as expected in January but fears of recession remain high. Going forward, investors will shift focus to the UK Inflation data for fresh guidance. The Pound Sterling declines in Friday’s European session as dismal market sentiment dampens the appeal of risk-sensitive assets. The GBP/USD pair refreshes a weekly low near 1.
The inflation data will influence market expectations for BoE rate cuts, which are currently pointing to the August policy meeting. According to a Reuters poll, the central bank will start cutting borrowing costs in the third quarter, although 40% of economists saw an earlier trim. Technical Analysis: Pound Sterling declines towards 20-EMA The Pound Sterling prints a fresh weekly low near 1.2730 against the US Dollar. The GBP/USD pair corrects significantly from its seven-month high near 1.2900.
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