A handful of mid-tier reports are coming up from the U.K. this week, but will these be enough to pull pound pairs higher? Here’s what’s lined up.
In the previous week, sterling was down in the dumps as U.K. data turned out disappointing, and no-deal Brexit fears kicked into high gear.
Missed last week’s price action? Read GBP’s price recap for May 4 – 8!
Here’s what’s coming up next:
Mid-tier U.K. data
- Preliminary Q1 GDP (May 13, 7:00 am GMT) to show 2.5% contraction after previous flat reading
- Monthly GDP to print 7.9% contraction in March after earlier 0.1% drop in growth
- Manufacturing production to show 6.0% decline, industrial production to slump 5.5%
BOE Governor Bailey’s speech (May 14, 11:30 am GMT)
- Head of central bank to participate in a webinar
- Remarks related to Brexit and COVID-19 response likely to impact sterling price action
- Dovish remarks hinting at further easing could bring more downside to GBP
- Long-term trend strength analysis looks as mixed as a bag of nuts, with three GBP pairs on bearish grounds and the rest in bullish territory.
- In particular, GBP/JPY is looking most bearish while GBP/CHF and GBP/USD are in the middle of a weakening bearish trend.
- Stochastic also shows that GBP/AUD, GBP/CAD, and GBP/NZD are bullish in the oversold region.