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14 May 2025,09:33

Daily Market Analysis

Pound Slides to One-Month Low as BoE Policy Shift Weighs on Sentiment

14 May 2025, 09:33

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Key Takeaways:

*Pound Sterling ease after BoE’S rate cut.

*Pound Sterling turns weaker ahead of today’s job data.

Market Summary:

TThe Pound Sterling weakened across the board, reaching its lowest level in a month against G7 currencies as markets digested the Bank of England’s dovish pivot. Last week, the central bank cut its benchmark interest rate by 25 basis points to 4.25%, marking a shift in policy aimed at propping up a slowing economy.

Soft economic data has added to the pressure. All key UK PMI readings released last week fell below the 50 threshold, signaling contraction across sectors and reinforcing concerns about growth momentum. The latest figures have cast doubt on the BoE’s tightening bias, dragging the pound lower.

Looking ahead, investor focus turns to today’s UK labor market data, with average earnings and job growth expected to deteriorate from previous readings. Should the data come in weaker as anticipated, it could fuel further downside for the pound amid growing expectations of a prolonged policy easing cycle.

Technical Analysis

EURGBP, H4

The EUR/GBP pair continued its downward trajectory, slipping to its lowest level since early April, signaling a prevailing bearish bias. The pair had previously attempted to form a double-bottom near the 0.8460 level, but a failure to hold above that threshold underscored the strength of selling pressure and extended the downside move.

Momentum indicators reinforce the downside risk. The Relative Strength Index is nearing oversold territory, while the MACD is edging lower after failing to cross above the zero line—both suggesting the emergence of fresh bearish momentum.

Resistance level: 0.8460, 0.8520

Support level: 0.8375, 0.8314

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