Pound Sterling declines as poor economic outlook warrants another BoE pause

The Pound Sterling (GBP) looks set for a breakdown as expectations of a mild recession in the United Kingdom economy have escalated. The GBP/USD pair

Pound Sterling faces a sell-off as UK business activity contracts and labor hiring freezes. UK employers shed jobs for the third time in a row as new orders drop. Investors see the BoE keeping interest rates unchanged as the UK economy is exposed to a mild recession. falls back as higher borrowing costs by the Bank of England , a poor demand outlook, and deepening geopolitical tensions weigh.

This week, investors will watch for the Q3 Gross Domestic Product data, which will be published on Thursday. Economists anticipate the growth rate doubling to 4.2% against the former reading of 2.1% on an annualized basis. A strong growth rate in the July-September could elevate chances of further policy-tightening by the Federal Reserve in its monetary policy meeting scheduled for November 1. Technical Analysis: Pound Sterling falls after short-lived pullback to near 1.

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