Pound Sterling extends losses as soft UK data warrants another BoE pause

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• Pound Sterling faces a sell-off as UK business activity contracts and labor hiring freezes.
• UK employers shed jobs for the third time in a row as new orders drop.
• Investors see the BoE keeping interest rates unchanged as the UK economy is exposed to a mild recession.

The Pound Sterling (GBP) delivers a breakdown as expectations of a mild recession in the United Kingdom economy have escalated. The GBP/USD pair falls back as higher borrowing costs by the Bank of England (BoE), a poor demand outlook, and deepening geopolitical tensions weigh.