The UK’s Office for National Statistics (ONS) will release the advanced prints of the Q4 Gross Domestic Product (GDP) on Thursday.
The UK GDP is foreseen posting a marginal contraction in Q4. The Bank of England expects Gross Domestic Product to gradually regain its pace in the next few quarters. Pound Sterling risks extra losses while below the 200-day SMA. The UK’s Office for National Statistics will release the advanced prints of the Q4 Gross Domestic Product on Thursday.
The CPI figures prompted a reassessment of expectations regarding the central bank’s intentions to start trimming its policy rate and market participants now see the likelihood of 75 bps rate cuts this year. Pablo Piovano, US Session Manager and Senior Analyst at FXStreet, says: “Breaching the 2024 low of 1.2518, recorded on February 5, exposes GBP/USD to further losses to, initially, the December 2023 bottom of 1.2500 seen on December 13.
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