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Looking to trade the pound this week?
Here are some mid-tier economic reports to watch out for and what market watchers are expecting.
Retail sales data (July 24, 7:00 am GMT)
- June consumer spending is expected to increase by 8% after the earlier 12% jump
- Stronger than expected results could assure pound traders that the U.K. consumer sector is keeping calm and carrying on
- Weak data, on the other hand, could stoke BOE easing expectations and spur declines for GBP pairs
Flash PMI readings (July 24, 9:30 am GMT)
- July flash manufacturing PMI to improve from 50.1 to 52.0, signaling stronger expansion
- July flash services PMI to climb from 47.1 to 51.1 to reflect a shift from contraction to growth
- Stronger than expected results could spark hopes that the U.K. continues to recover from the economic impact of the pandemic
Technical snapshot
- Long-term trend strength analysis paints a mixed picture of GBP pairs
- Most are in bearish territory, but Cable, Guppy, and GBP/CAD are in the middle of a weakening trend
- If you’re planning on trading these pairs this week, don’t forget to refer to this volatility table when setting entries and exits
Missed last week’s price action? Read GBP’s price recap for July 13 – 17!