Markets are off to a shaky start this week, but can mid-tier data from the U.K. keep sterling losses at bay?
Here’s what’s coming up.
Monthly GDP (Mar. 11, 9:30 am GMT)
- Change in the total value of all goods and services produced by the economy for the month
- Growth figure to come in at 0.2% in January after earlier 0.3% uptick
- Higher reading could spur a bounce for GBP while downbeat results could lead to more losses
- Actual figure has been coming in weaker than expected for three out of the last five months
Manufacturing production (Mar. 11, 9:30 am GMT)
- Change in the inflation-adjusted value of manufacturing output, which makes up 80% of total industrial production
- Considered a leading indicator of economic performance
- Uptick of 0.2% expected for January after earlier 0.3% increase
- RSI reveals that most GBP pairs are approaching bearish territory, with GBP/AUD and GBP/CAD already indicating overbought conditions.
- On the other hand, GBP/CHF and GBP/JPY are looking very bullish with oversold conditions.
- Short-term trend strength analysis paints a different picture as it puts GBP/CHF and GBP/JPY in the bearish region while the rest are looking bullish.
Missed last week’s price action? Make sure you check out the GBP Weekly Review for Mar. 2 – 6!