Similar to Germany, the UK is also due for crucial PMI data releases this week. Markit is going to deliver the most recent changes in Manufacturing and Services PMI that were recorded for February.
The prevailing forecasts anticipate the Manufacturing PMI to edge lower from the 50.0 index points that were recorded in January to 49.7 index points in February.
Similarly, the Services PMI is projected to fall from the positive surprise of 53.9 that was registered in January to 53.4 index points in February.
Unlike Germany, however, in the UK the situation is slightly different. Even though the country has now officially departed from the European Union, Brexit concerns continue to weigh down on the economic pressures in the country.
Investors speculate that the trade negotiations between the UK and the EU are now only going to become more strained and difficult, which means that the future of Britain’s trade partnership with the bloc remains uncertain.
Consequently, the resulting diminished investors' confidence is likely to be reflected in the local industry as well, including the Manufacturing and Services sectors.
It is because of these anticipations for arduous and prolonged negotiations, which are still in their initial stages, that the pound is likely to be hit by heightened bearish sentiment.
Currently, the GBJPY is struggling to establish itself above the descending trend line, which is positioned between the 61.8 per cent Fibonacci retracement at 144.574 and the Middle-level support at 141.000.
However, for the time being, the pair is unable to break out above the 143.300 price level successfully.
GBPJPY 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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