The Pound Sterling (GBP) continued to remain in the back seat against the US Dollar (USD), as GBP/USD extended its bearish momentum into the fifth week in a row.
Pound Sterling hit fresh weekly low on sustained US Dollar demand. GBP/USD traders look to S&P Global US and UK PMI data in the week ahead. Looking ahead, GBP/USD seems poised for a rebound but bearish potential remains intact. The Pound Sterling continued to remain in the back seat against the US Dollar , as GBP/USD extended its bearish momentum into the fifth week in a row.
Meanwhile, UK Gross Domestic Product contracted by 0.3% in the three months to December, having shrunk by 0.1% between July and September. Despite a weak UK economic outlook, BoE policymakers remained quite optimistic and maintained the central bank’s hawkish bias, offering legs to the tepid recovery in GBP/USD on Thursday. Pound Sterling buyers gave into the US Dollar resurgence, in anticipation of hot US Producer Price Index inflation data and an improvement in the UoM Consumer Sentiment.
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