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End of GBP Consolidation Could Coincide with Improving Technical Trends

UK

Executive Summary:

  • 2023 consolidation phase could give way to more bullish medium-term view
  • More positive GBP technical outlook runs counter to poorer macro backdrop…
  • … But if the bad news is priced in, a correction higher could follow

IMF forecasts that look for the UK economy to be the only G7 economy to shrink across 2023 are well known, and make the case for further GBP weakness across the medium-term. Nonetheless, a number of positive technical factors could be emerging for the currency, and a bottoming out of negative newsflow could result in a positive conclusion to the current consolidation phase.


Full piece here: https://roar-assets-auto.rbl.ms/files/52300/MNI%20...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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