Pound Sterling Price News and Forecast: GBP trades cautiously as BoE dovish bets tick higher [Video]

Pound Sterling trades cautiously as BoE dovish bets tick higher

The Pound Sterling (GBP) trades with caution against its major peers on Friday, faces pressure from weak United Kingdom (UK) S&P Global/CIPS Manufacturing PMI data for December. On Thursday, the final PMI report showed that activity in the manufacturing sector contracted at a faster pace to 47.0 compared to the preliminary reading of 47.3. The report showed that the downturn was widespread in nature, with similarly sharp rates of decline across the consumer, intermediate, and investment goods industries.

Rob Dobson, Director at S&P Global Market Intelligence said, “Business sentiment is now at its lowest for two years, as the new Government’s rhetoric and announced policy changes dampen confidence and raise costs at UK factories and their clients alike. SMEs are being especially hard hit during the latest downturn.” Read more…

Elliott Wave view: GBP/USD short term remains bearish [Video]

Short Term Elliott Wave view …