Goldman Schs: GBP strategy ahead Boe February meeting

The Roe Be conclusion shows a complex background for GBPprovided Mixed economic data. While The 25bp cut is damagedThe Focus on tone and the bank projections will. Goldman expects FULCY GBP weakness rather than a sharp salesBut Dangers are yet to surprise more.

Key points:

1. Boe intended to cut standards with 25bps:

   • Markets have already introduced a price ~ 73bps of gross rate cuts for 2025But Goldman Schns are expecting 100bps of cuts.
   • The TONE AND PLANNING BOE It will be key in shape GBP Seat.

2. Thus for a boocket more than:

   • UK data is still mixedmakes it clear how the boo trends.
   • The Boe can revise the decisions of lower abovecreates down risks for GBP.
   • If the booe Capitulates on his hawk standingIt could gbp face to a shorter depression.

3. World Family initiatives and global factors:

   • A higher round results earlier this month Fiscal concerns were grained-A may be repeated to hurt GBP.
   • Continued decline in UK data could also add to GBP down.

Strategy & conclusion:

Goldman's Symplatives Burish Bother on GBP but it thinks it is the best position of crossing / GBP for now.

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