Yet another light week in terms of U.K. economic data!
The only reports worth watching aren’t due until Friday, so Brexit talks and counter currency action might push GBP pairs around again.
Here’s a list of potential market-movers you need to pay attention to:
April GDP & manufacturing production (June 12, 7:00 am GMT)
- Economy is expected to have contracted by 18.0% during the month after the earlier 5.8% slump
- Manufacturing production likely slipped 15.5%, following the earlier 4.6% drop
- Industrial production expected to show 15.0% decline
- Construction output probably fell by 24% after previous 5.9% decrease
- Possibility of a “no deal” Brexit is once again a top concern as negotiations hit a wall on fishing talks
- U.K. PM Johnson expected to either ask for another extension of the December deadline, keep working towards a deal by October, or start prepping for a “no deal” outcome
- Updates confirming that the U.K. is likely to exit the union with no deal could keep the pound’s gains in check
- Stochastic shows a couple of sterling pairs in oversold territory and three in the overbought region.
- The pound is looking bearish against the lower-yielders, namely the yen, dollar, and franc.
- Meanwhile, GBP/NZD and GBP/AUD are giving off bullish vibes in the oversold region while EUR/GBP and GBP/CAD are on neutral grounds.
- Short-term trend strength analysis also paints a mixed picture of pound pairs.
- However, moving averages put GBP/AUD and GBP/NZD in bearish territory while Cable and Guppy are looking bullish.
Missed last week’s price action? Read GBP’s price recap for June 1 – 5!