Brexit uncertainties left sterling in the red against its forex rivals last week. Can this week’s set of data spur a bounce? Here’s what’s coming up.
Preliminary GDP (Feb. 11, 9:30 am GMT)
- Flat GDP reading expected for Q4 2019 after previous 0.4% growth
- U.K. economy likely expanded 0.2% in December vs. earlier 0.3% contraction
- Manufacturing production data also due, 0.5% rebound eyed
BOE Governor Carney’s speech (Feb. 11, 3:35 pm GMT)
- Scheduled to testify before the House of Lords Economic Affairs Committee
- Any remarks on monetary policy direction could push GBP pairs around
- Comments might not carry as much weight since he is stepping down from his BOE post soon
- Trend strength analysis paints a mixed picture for GBP pairs.
- EUR/GBP, GBP/NZD, and GBP/AUD are all in bullish territory while the rest are bearish.
- Stochastic shows that most pairs are on neutral grounds, with the exception of Cable giving off oversold or bullish vibes.
Missed last week’s price action? Read GBP’s price recap for February 3 – 7!