The Pound Sterling (GBP) experienced notable selling pressure against major currencies on Friday following the release of disappointing UK GDP data. For October, the UK’s economy contracted by 0.1% for the second consecutive month, deviating from forecasts that predicted a modest growth of 0.1%. This unexpected downturn raised concerns about the economic outlook, impacting GBP exchange rates across the board.
As a result, GBP/USD dipped below key technical support levels, trading at 1.2220, while GBP/EUR also faced downward pressure, retreating to 1.1450. The contraction in GDP raises questions about the Bank of England's monetary policy trajectory, potentially influencing future interest rate decisions. Traders are closely monitoring these developments, as further economic weakness could lead to a more dovish stance from the central bank, affecting the GBP's performance in the forex market.
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Data Source: FX Killer Analysis Team Updated: 2025-12-12 08:28
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.