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British Pound (GBP) Forecast – UK Inflation May Hit Double-Figures
Cable is ending the week on the back foot and looks set to break back below 1.2100 on a combination of a strong US dollar and a weak British Pound. The recent run higher from the July 14 1.1760 low looks to have come to an end as the greenback perks up going into the weekend. Earlier today, the latest UK GDP data showed the UK economy contracting in June on an m/m basis, while the first look at q/q GDP for Q2 showed the economy contracting by 0.1%. While both figures beat analysts’ pessimistic expectations, the slowdown in the UK economy will have been noted by the government and Bank of England. The economic ... (full story)