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The pound capped a choppy week in the green last week. Can pound bulls extend the upswing this week?

Here are the potential headlines that might affect the pound’s intraweek trends:

Closely watched economic releases

  • Services PMI (Oct 5, 8:30 am GMT) could fall from 58.8 to 55.1 in September
  • Construction PMI (Oct 6, 8:30 am GMT) to dip from 54.6 to 53.7?
  • Industrial production (Oct 9, 6:00 am GMT) seen at 2.6% from 5.2% growth in July
  • Manufacturing production (Oct 9, 6:00 am GMT) could drop from 6.3% to 2.8% in August
  • NIESR’s monthly GDP tracker (Oct 9, 6:00 am GMT) to show 9.1% growth vs. 7.0% uptick in September

Brexit updates

Countercurrency price action

  • COVID-19 updates (stimulus, lockdown, vaccine, economic recovery) headlines from around the world can influence the demand for the pound
  • Top-tier events like central banker statements and U.S. election updates can also affect GBP’s intraweek trends

Technical snapshot

  • The pound gained the most against the yen, dollar, and the euro
  • It also lost value to the Aussie and Kiwi in the last seven days
GBP Forex Pairs Performance from MarketMilk
GBP Forex Pairs Performance from MarketMilk
  • GBP/USD is on short and long-term bullish trends
  • There’s short-term bullish pressure against the yen, dollar, euro, and the Loonie
  • Watch out for retracement or reversal opportunities on GBP/CHF, GBP/NZD, and GBP/AUD
GBP Forex Pairs EMAs from MarketMilk
GBP Forex Pairs EMAs from MarketMilk
  • The pound saw the most volatility against the safe havens and the euro in the last seven days
GBP Forex Pairs Volatility from MarketMilk
GBP Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read GBP’s price recap for Sept 28 – Oct 2!