GBP/USD – BoE rate expectations pared back as PMIs point to recession

<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fforex%2Fgbp%2Fgbp-usd-boe-rate-expectations-pared-back-as-pmis-point-to-recession%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fforex%2Fgbp%2Fgbp-usd-boe-rate-expectations-pared-back-as-pmis-point-to-recession%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fforex%2Fgbp%2Fgbp-usd-boe-rate-expectations-pared-back-as-pmis-point-to-recession%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><ul>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The UK readings were particularly stark, with both the services and manufacturing PMIs falling well short of forecasts and the former deep into contraction territory. What's more, the weakness was quite widespread from new orders to hiring, which suggests we're not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. "}]}" data-slate-node="element"><strong>UK Services PMI falls to 48.7 (50.8 expected, 51.5 in July)</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The UK readings were particularly stark, with both the services and manufacturing PMIs falling well short of forecasts and the former deep into contraction territory. What's more, the weakness was quite widespread from new orders to hiring, which suggests we're not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. "}]}" data-slate-node="element"><strong>UK Manufacturing PMI falls to 42.5 (45 expected, 45.3 in July)</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The UK readings were particularly stark, with both the services and manufacturing PMIs falling well short of forecasts and the former deep into contraction territory. What's more, the weakness was quite widespread from new orders to hiring, which suggests we're not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. "}]}" data-slate-node="element"><strong>Cable tests support but rebounds for the third time</strong></li>
</ul>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The UK readings were particularly stark, with both the services and manufacturing PMIs falling well short of forecasts and the former deep into contraction territory. What's more, the weakness was quite widespread from new orders to hiring, which suggests we're not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. "}]}" data-slate-node="element"><span data-slate-node="text">The UK services and manufacturing PMI surveys fell well short of forecasts this morning, the former deep into contraction territory. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The UK readings were particularly stark, with both the services and manufacturing PMIs falling well short of forecasts and the former deep into contraction territory. What's more, the weakness was quite widespread from new orders to hiring, which suggests we're not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. "}]}" data-slate-node="element"><span data-slate-node="text">What’s more, the weakness was widespread from new orders to hiring and prices paid, which suggests we’re not just talking about a blip in the data, but rather the prospect of a recession in the second half of the year. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"From the Bank of England's perspective, there's a lot within the data that will be viewed as encouraging, with slower employment resulting in less tightness in the labour market and lower prices paid across manufacturing and services sectors indicating easing inflationary pressures, in theory at least. "}]}" data-slate-node="element"><span data-slate-node="text">From the Bank of England’s perspective, there’s a lot within the data that will be viewed as encouraging, with slower employment resulting in less tightness in the labor market and lower prices paid across manufacturing and services sectors indicating easing inflationary pressures, in theory at least. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">The surveys alone won’t be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year.</span></p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/wo31D9dRHaI" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
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<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="JTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMlRoZSUyMFVLJTIwcmVhZGluZ3MlMjB3ZXJlJTIwcGFydGljdWxhcmx5JTIwc3RhcmslMkMlMjB3aXRoJTIwYm90aCUyMHRoZSUyMHNlcnZpY2VzJTIwYW5kJTIwbWFudWZhY3R1cmluZyUyMFBNSXMlMjBmYWxsaW5nJTIwd2VsbCUyMHNob3J0JTIwb2YlMjBmb3JlY2FzdHMlMjBhbmQlMjB0aGUlMjBmb3JtZXIlMjBkZWVwJTIwaW50byUyMGNvbnRyYWN0aW9uJTIwdGVycml0b3J5LiUyMFdoYXQncyUyMG1vcmUlMkMlMjB0aGUlMjB3ZWFrbmVzcyUyMHdhcyUyMHF1aXRlJTIwd2lkZXNwcmVhZCUyMGZyb20lMjBuZXclMjBvcmRlcnMlMjB0byUyMGhpcmluZyUyQyUyMHdoaWNoJTIwc3VnZ2VzdHMlMjB3ZSdyZSUyMG5vdCUyMGp1c3QlMjB0YWxraW5nJTIwYWJvdXQlMjBhJTIwYmxpcCUyMGluJTIwdGhlJTIwZGF0YSUyQyUyMGJ1dCUyMHJhdGhlciUyMHRoZSUyMHByb3NwZWN0JTIwb2YlMjBhJTIwcmVjZXNzaW9uJTIwaW4lMjB0aGUlMjBzZWNvbmQlMjBoYWxmJTIwb2YlMjB0aGUlMjB5ZWFyLiUyMCUyMiU3RCU1RCU3RCUyQyU3QiUyMnR5cGUlMjIlM0ElMjJwYXJhZ3JhcGglMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnRleHQlMjIlM0ElMjJGcm9tJTIwdGhlJTIwQmFuayUyMG9mJTIwRW5nbGFuZCdzJTIwcGVyc3BlY3RpdmUlMkMlMjB0aGVyZSdzJTIwYSUyMGxvdCUyMHdpdGhpbiUyMHRoZSUyMGRhdGElMjB0aGF0JTIwd2lsbCUyMGJlJTIwdmlld2VkJTIwYXMlMjBlbmNvdXJhZ2luZyUyQyUyMHdpdGglMjBzbG93ZXIlMjBlbXBsb3ltZW50JTIwcmVzdWx0aW5nJTIwaW4lMjBsZXNzJTIwdGlnaHRuZXNzJTIwaW4lMjB0aGUlMjBsYWJvdXIlMjBtYXJrZXQlMjBhbmQlMjBsb3dlciUyMHByaWNlcyUyMHBhaWQlMjBhY3Jvc3MlMjBtYW51ZmFjdHVyaW5nJTIwYW5kJTIwc2VydmljZXMlMjBzZWN0b3JzJTIwaW5kaWNhdGluZyUyMGVhc2luZyUyMGluZmxhdGlvbmFyeSUyMHByZXNzdXJlcyUyQyUyMGluJTIwdGhlb3J5JTIwYXQlMjBsZWFzdC4lMjAlMjIlN0QlNUQlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyVGhlJTIwc3VydmV5cyUyMGFsb25lJTIwd29uJ3QlMjBiZSUyMGVub3VnaCUyMHRvJTIwY29udmluY2UlMjB0aGUlMjBNUEMlMjBhbmQlMjBhbm90aGVyJTIwcmF0ZSUyMGhpa2UlMjBpbiUyMFNlcHRlbWJlciUyMGxvb2tzJTIwYSUyMG5lYXItY2VydGFpbnR5JTIwYnV0JTIwYmV5b25kJTIwdGhhdCUyQyUyMHRyYWRlcnMlMjBoYXZlJTIwYmVlbiUyMHBhcmluZyUyMGJhY2slMjBleHBlY3RhdGlvbnMlMjBvbiUyMHRoZSUyMGJhY2slMjBvZiUyMHRoZXNlJTIwcmVsZWFzZXMlMkMlMjB3aXRoJTIwb25seSUyMG9uZSUyMG1vcmUlMjB0aGVuJTIwcHJpY2VkJTIwaW4lMjB0aGlzJTIweWVhci4lMjAlMjIlN0QlNUQlN0QlNUQ="><strong>A bearish or bullish signal for cable?</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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">The pound headed lower after the report having drifted higher over the last week or so but once again it ran into trouble around a previous support level.</p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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"><strong>GBPUSD Daily</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="JTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMlRoZSUyMFVLJTIwcmVhZGluZ3MlMjB3ZXJlJTIwcGFydGljdWxhcmx5JTIwc3RhcmslMkMlMjB3aXRoJTIwYm90aCUyMHRoZSUyMHNlcnZpY2VzJTIwYW5kJTIwbWFudWZhY3R1cmluZyUyMFBNSXMlMjBmYWxsaW5nJTIwd2VsbCUyMHNob3J0JTIwb2YlMjBmb3JlY2FzdHMlMjBhbmQlMjB0aGUlMjBmb3JtZXIlMjBkZWVwJTIwaW50byUyMGNvbnRyYWN0aW9uJTIwdGVycml0b3J5LiUyMFdoYXQncyUyMG1vcmUlMkMlMjB0aGUlMjB3ZWFrbmVzcyUyMHdhcyUyMHF1aXRlJTIwd2lkZXNwcmVhZCUyMGZyb20lMjBuZXclMjBvcmRlcnMlMjB0byUyMGhpcmluZyUyQyUyMHdoaWNoJTIwc3VnZ2VzdHMlMjB3ZSdyZSUyMG5vdCUyMGp1c3QlMjB0YWxraW5nJTIwYWJvdXQlMjBhJTIwYmxpcCUyMGluJTIwdGhlJTIwZGF0YSUyQyUyMGJ1dCUyMHJhdGhlciUyMHRoZSUyMHByb3NwZWN0JTIwb2YlMjBhJTIwcmVjZXNzaW9uJTIwaW4lMjB0aGUlMjBzZWNvbmQlMjBoYWxmJTIwb2YlMjB0aGUlMjB5ZWFyLiUyMCUyMiU3RCU1RCU3RCUyQyU3QiUyMnR5cGUlMjIlM0ElMjJwYXJhZ3JhcGglMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnRleHQlMjIlM0ElMjJGcm9tJTIwdGhlJTIwQmFuayUyMG9mJTIwRW5nbGFuZCdzJTIwcGVyc3BlY3RpdmUlMkMlMjB0aGVyZSdzJTIwYSUyMGxvdCUyMHdpdGhpbiUyMHRoZSUyMGRhdGElMjB0aGF0JTIwd2lsbCUyMGJlJTIwdmlld2VkJTIwYXMlMjBlbmNvdXJhZ2luZyUyQyUyMHdpdGglMjBzbG93ZXIlMjBlbXBsb3ltZW50JTIwcmVzdWx0aW5nJTIwaW4lMjBsZXNzJTIwdGlnaHRuZXNzJTIwaW4lMjB0aGUlMjBsYWJvdXIlMjBtYXJrZXQlMjBhbmQlMjBsb3dlciUyMHByaWNlcyUyMHBhaWQlMjBhY3Jvc3MlMjBtYW51ZmFjdHVyaW5nJTIwYW5kJTIwc2VydmljZXMlMjBzZWN0b3JzJTIwaW5kaWNhdGluZyUyMGVhc2luZyUyMGluZmxhdGlvbmFyeSUyMHByZXNzdXJlcyUyQyUyMGluJTIwdGhlb3J5JTIwYXQlMjBsZWFzdC4lMjAlMjIlN0QlNUQlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyVGhlJTIwc3VydmV5cyUyMGFsb25lJTIwd29uJ3QlMjBiZSUyMGVub3VnaCUyMHRvJTIwY29udmluY2UlMjB0aGUlMjBNUEMlMjBhbmQlMjBhbm90aGVyJTIwcmF0ZSUyMGhpa2UlMjBpbiUyMFNlcHRlbWJlciUyMGxvb2tzJTIwYSUyMG5lYXItY2VydGFpbnR5JTIwYnV0JTIwYmV5b25kJTIwdGhhdCUyQyUyMHRyYWRlcnMlMjBoYXZlJTIwYmVlbiUyMHBhcmluZyUyMGJhY2slMjBleHBlY3RhdGlvbnMlMjBvbiUyMHRoZSUyMGJhY2slMjBvZiUyMHRoZXNlJTIwcmVsZWFzZXMlMkMlMjB3aXRoJTIwb25seSUyMG9uZSUyMG1vcmUlMjB0aGVuJTIwcHJpY2VkJTIwaW4lMjB0aGlzJTIweWVhci4lMjAlMjIlN0QlNUQlN0QlNUQ="><a href="https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-807173" src="https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20-1024×507.png" alt="" width="620" height="307" srcset="https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20-1024×507.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20-300×149.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20-768×380.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20-1536×761.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/08/GBPUSD_2023-08-23_16-04-20.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p style="text-align: right" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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">Source – OANDA on Trading View</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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">That level is just above 1.26 where it also rebounded off a little over a week ago and a little over a week before that. This is clearly now a very notable support level, one which if broken could send a strong bearish signal.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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">What’s interesting is that it’s now rebounded back into the 55/89-day simple moving average band and a close within this would further suggest there’s still plenty of support around this important support zone too. This was a crucial support zone a few months ago and it’s proving so again.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The surveys alone won't be enough to convince the MPC and another rate hike in September looks a near-certainty but beyond that, traders have been paring back expectations on the back of these releases, with only one more then priced in this year. "}]}" data-slate-node="element" data-slate-fragment="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">To the upside, 1.28 continues to look significant, having provided plenty of resistance over the last few weeks and it also roughly coincides with the 38.2% Fibonacci retracement level.</p>