Events to pay attention to today:
11:30. GBP – Composite PMI
17:00. USD – ISM Services Purchasing Managers Index (PMI)
GBPUSD:
The GBP/USD pair rose to 1.2700 on Monday before pulling back, squandering some of the day’s gains but ending the trading session higher than it started. There will be only a handful of data on the UK economic calendar this week, with the next US Non-Farm Payrolls (NFP) data on Friday providing a clear indication of further GBP/USD movements.
On Tuesday, the UK Composite PMI is expected to remain unchanged at 53.3. In the US on Tuesday, the ISM Purchasing Managers’ Index (PMI) for the services sector for February is expected to fall to 53.0 from 53.4 in the previous month.
Fed Chairman Jerome Powell will also appear this week, testifying before the U.S. House Financial Services Committee on the Fed’s semi-annual monetary policy report. A large number of statements and headlines are expected over the two days, which will take place on Wednesday and conclude on Thursday.
Trading recommendation: Trade in the channel 1.2655-1.2700 on the rebound from the levels
Origin: FreshForex
