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Not a lot going on in the U.K. this week, which means the pound could take its cues from its major counterparts.
Are you looking to trade GBP in the next few days?
Check out the potential catalysts that might affect the pound’s volatility:
Lower tier economic releases
- Mortgage approvals (Sept 1, 8:30 am GMT) to improve from 40K to 51K in July
- Nationwide house price index (Sept 2, 6:00 am GMT) seen weakening from 1.7% to 0.4% in August
- Final readings of Markit’s PMIs are expected to confirm the manufacturing industry rising the most since February 2018; construction rising to its fastest rate since 2015, and the services industry expanding the most in more than six years
Demand for the British pound
- GBP/USD could make more headlines as it tests and makes new multi-month highs
- With less than two months to go before the final Brexit negotiations, all eyes will be on prospects of a no-deal Brexit
- Watch out for more speculations of Boris stepping down in 2021
Technical snapshot
- GBP gained the most against the safe havens and the euro in the last month but weakened against CAD and AUD
- Stochastic considers GBP/AUD and GBP/NZD “oversold” on the daily time frame
- GBP is “overbought” against the safe havens and EUR
- GBP was most volatile against USD, JPY, NZD, and CAD in the last seven days
Missed last week’s price action? Read GBP’s price recap for August 24 – 28!