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Pound exchange rates

Services PMI will be the key domestic focus today.

The index fell for a third consecutive month in January and is expected to slip further in February. Our economists see downside risks to market expectations, forecasting a print of 57.2.  While the high level of the services PMI still suggests solid underlying economic growth, the recent decline in the survey does suggest a slowdown in pace.

So a weak print today may put some pressure on Buying Pounds positions (looking at the IMM data, as of the 25 February GBP long positions were looking extended by historical standards). In GBP/USD, we see good support around the 1.6600 area.