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The U.K. is officially out of the European Union! Will sterling be able to hold on to its gains from the previous week? Here’s what to look out for.

Final PMI readings (starting Feb. 3, 9:30 am GMT)

  • Markit final manufacturing PMI to stay unchanged at 49.8 in January
  • Markit final non-manu PMI to be maintained at 52.9 in January
  • Considered a leading indicator of economic performance but flash releases likely generated a larger reaction
  • Any major revisions could still lead to short-term price moves for GBP pairs

Technical snapshot

  • Stochastic reveals that most pound pairs are overbought, with GBP/NZD and GBP/AUD being the most bearish of the bunch.
GBP Pairs Stochastic from MarketMilk
GBP Pairs Stochastic from MarketMilk
  • Moving averages, however, signal that the pairs are mostly in bullish territory.
GBP Pairs Moving Averages from MarketMilk
GBP Pairs Moving Averages from MarketMilk

Missed last week’s price action? Read GBP’s price recap for January 27  – 31!