The British Pound stays the perfect performing G10 forex up to now in 2023. Economists at HSBC analyze GBP outlook.
Any strikes above 1.30 are prone to be temporary
Positioning and valuations are a hindrance to additional upside.
Even a 50 bps hike from the Financial institution of England (BoE) on Thursday could not present lasting help for the forex, notably given doubtless downward revisions to inflation projections and a break up vote. There’s a sizeable probability that the BoE raises charges by solely 25 bps, which is able to doubtless see the GBP weaken instantly.
We search for GBP/USD to weaken and problem the help at 1.26 over the approaching weeks, whereas any strikes above 1.30 are prone to be temporary.
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