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British pound mostly higher ahead of key economic data

British pound daily update

BY DEB SHAW | 

British pound daily update

Pound sterling is mostly higher today. The British pound is currently strengthening against all major currencies except the Japanese yen. The currency is the strongest against the Canadian dollar and the US dollar. Last week, the pound strengthened to highs last seen in January earlier this year. The pound has done particularly well against the euro, and is trading near highs last seen in May 2017. 

While the pound is doing well this month, the currency has struggled to overcome key areas of resistance. Looking at GBP/USD, the pair failed to close above 1.43 last Friday. Ahead of important economic data this week, the pound is making another attempt to strengthen above January's highs. If GBP/USD continues to falter around 1.43, the path towards 1.45 and 1.50 will look increasingly doubtful. As Brexit concerns return to the background, UK economic data and rate hike expectations will drive the currency in the future. Our short-term and medium-term outlook on the pound remains bullish

GBP/USD is currently above 1.4250. EUR/GBP is down, with the exchange rate above 0.8650. The pound is flat against the Australian dollar and up against the Canadian dollar. GBP/AUD is currently above 1.8340, while GBP/CAD is above 1.7970.

Looking at this week’s economic data from the United Kingdom, there are a fair number of significant items on the calendar. Tomorrow, we’ll see average earnings and the claimant count change for February. On Wednesday, we’ll see inflation figures including the year-over-year consumer price index, retail price index and producer price index for March. On Thursday, we’ll see year-over-year retail sales for March. Last week, industrial and manufacturing production figures for February missed expectations.

Updated 
Outlook
Bearish

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