The British pound sterling paired with the US dollar remains in positive territory. The current GBPUSD exchange rate stands at 1.2604.
Despite the aggressive stance of the Bank of England, the UK economy remains resilient to the best of its ability. The market made these conclusions based on previously released statistics. In October, the UK manufacturing PMI rose to 46.7 points from the previous 44.8 points, exceeding the forecast of 45.0 points. The services PMI increased to 50.5 points from 49.5 points earlier.
Nevertheless, the consensus forecast for the UK economic outlook is not the most optimistic. The UK might face a weakening economic system and experience a short-term recession. The pound will need to consider these factors in its quotes.
The pound gained 3.7% in a month, marking the most significant growth of the year. This achievement is directly attributed to the weakening of the US dollar.