GBP Weekly Forecast (Mar. 2 – 6)

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Only a handful of catalysts are lined up from the U.K. economy this week, but some could prove to be exciting ones. Here’s what you should look out for.

Final PMI readings (starting Mar. 2, 9:30 am GMT)

  • Markit final manufacturing PMI reading due Mar. 2
  • Index climbed from 50.0 to 51.9 in February, no revisions expected
  • Markit final services PMI due Mar. 4
  • Index dipped from 53.9 to 53.3 in February, no revisions expected

BOE Monetary Policy Report hearings (Mar. 4)

  • BOE Governor Carney and some MPC members to testify on inflation and the economic outlook before the Parliament’s Treasury Committee
  • Major shifts in tone could spur volatility for pound pairs.
  • In particular, Brexit concerns and coronavirus issues could be brought up as risks to growth.

BOE policymakers’ speeches (Mar. 5)

  • BOE Chief Economist Haldane to speak at the Organization for Economic Cooperation and Development at 1:00 pm GMT
  • Head honcho Carney to speak at the University of London at 5:00 pm GMT

Technical snapshot

  • Trend strength analysis paints a mixed picture of GBP pairs, but most seem to be in bullish territory.
GBP Moving Averages from MarketMilk
GBP Moving Averages from MarketMilk
  • Stochastic is also looking mixed, with GBP/CHF and GBP/JPY  looking bullish in oversold territory.
GBP Stochastic from MarketMilk
GBP Stochastic from MarketMilk

Missed last week’s price action? Make sure you check out the GBP Weekly Review for Feb. 24 – 28!

CLICK THE FOLLOWING LINK AND READ AGAIN.

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