GBP/QAR Outlook: Slightly positive, but likely to move sideways, supported by the rate's position above the recent average.
Key drivers:
• Rate gap: The Bank of England's cautious stance contrasts with Qatar's earlier rate hikes, creating a favorable environment for the QAR.
• Risk/commodities: Oil prices are at recent highs, which strengthens the QAR due to its peg to the USD and impacts global economic stability.
• One macro factor: Ongoing UK political uncertainty is likely to limit the pound's immediate upward movement, as investors await GDP data.
Range: The GBP/QAR rate is likely to drift within its recent range, maintaining current levels despite external pressures.
What could change it:
• Upside risk: A strong UK GDP data release could enhance the pound's position.
• Downside risk: Further political instability in the UK might exacerbate the pound's challenges, affecting its value against the QAR.
