GBP Struggles Amidst Challenging Market Conditions: Overview for October 26, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_11-Copy-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="GBP/USD analysis today" decoding="async" style="margin-bottom: 15px;" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> pair reaches a 3-week low.</p>

<p>The British pound sterling exhibits weakness against the US dollar, with the current GBP/USD exchange rate at 1.2080.</p>

<p>Over the past two days, the US dollar has notably fortified its position, adversely affecting various currencies, including the GBP.</p>

<p>Markets are bracing for a deluge of significant US economic data, including the release of Q3 <a href="https://blog.roboforex.com/blog/2019/10/29/trading-news-how-to-make-money-on-gdp/" data-internallinksmanager029f6b8e52c="93" title="GDP">GDP</a> figures today and the announcement of the core PCE index tomorrow. In this climate, the demand for safe-haven assets is on the rise, bolstering the US dollar.</p>

<p>Recent statistics from the UK present a mixed picture. In October, the CBI industrial trends orders dropped from -18 points to -26 points. However, the preliminary manufacturing PMI in October increased to 45.2 points, up from the previous 44.3 points, while the services PMI decreased to 49.2 points from 49.3 points.</p>

<p>It's important to note that despite high UK <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> and rather stringent consumer demand conditions, businesses are sustaining their activity at a relatively high level. This provides a positive signal amidst challenging circumstances.</p>

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