Gbp news forecast

Here are some recent news and forecasts related to the British Pound (GBP):

Recent News:

  1. UK Economy Contracts in Q1: The UK economy contracted by 0.1% in the first quarter of 2023, according to the Office for National Statistics (ONS). This is the first contraction since 2020 and is attributed to a decline in manufacturing and construction output. (Source: BBC News)
  2. Inflation Rate Rises: The UK's inflation rate rose to 2.5% in March, up from 2.3% in February, according to the ONS. This is above the Bank of England's (BoE) target rate of 2%. (Source: The Guardian)
  3. BoE Raises Interest Rates: The BoE raised its interest rates by 0.25% to 4.25% in May, citing concerns over inflation and the economy. This is the eighth consecutive rate hike since December 2021. (Source: Financial Times)

Forecasts:

  1. GBP/USD Forecast: According to a survey of currency analysts by Bloomberg, the GBP/USD exchange rate is expected to weaken to around 1.25 by the end of 2023, down from around 1.32 currently. (Source: Bloomberg)
  2. GBP/EUR Forecast: A survey by Reuters suggests that the GBP/EUR exchange rate is expected to fall to around 0.85 by the end of 2023, down from around 0.88 currently. (Source: Reuters)
  3. UK GDP Growth Forecast: The International Monetary Fund (IMF) has forecast that the UK's GDP growth rate will slow to 1.2% in 2023, down from 1.5% in 2022. (Source: IMF)

Technical Analysis:

  1. GBP/USD Chart: The GBP/USD chart is showing a bearish trend, with the currency pair trading below its 50-day and 200-day moving averages. A break below the 1.28 level could trigger further selling. (Source: TradingView)
  2. GBP/EUR Chart: The GBP/EUR chart is also showing a bearish trend, with the currency pair trading below its 50-day and 200-day moving averages. A break below the 0.83 level could trigger further selling. (Source: TradingView)

Please note that these are just some examples of recent news and forecasts related to the British Pound, and should not be taken as investment advice. It's always important to do your own research and consider multiple sources before making any investment decisions.