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Will the Weakening Pound Rebound During European Trading Hours? Market Participants Are Watching for Upside Potential

Market Report

Will the Weakening Pound Rebound During European Trading Hours? Keep an Eye on Upside Potential

02.03.2026

Today's Highlights
  1. UK Nationwide Home Prices
  2. European Manufacturing PMI

Last weekend, the U.S. dollar traded in a range against the yen as the Chicago Purchasing Managers’ Index (PMI) for February, released on February 27, improved to 57.7 from 54.0 the previous month.USD/JPY traded between 155.543 and 156.236, moving within the range of the hourly Bollinger Bands from -2σ to +2σ.On the 4-hour chart, prices have stalled near the point where they broke above the 200 SMA, while on the daily chart, the upside is being capped by the downtrend line extending from January of this year.

Among European currencies, the pound was the weakest from European trading hours through U.S. trading hours. The GBP/JPY pair fell from 210.814 to 209.802. It moved from above the 20-period moving average (MA) on the hourly chart to below it.On the 4-hour chart, the price has pulled back from the 200-period SMA line it had broken above and is already trading below the 20-period MA. On the daily chart, the pair is searching for direction just below the 20-period MA.

Today’s economic indicators include remarks by Himinono, Deputy Governor of the Bank of Japan, at 10:30; the UK Nationwide House Price Index at 16:00; the German Manufacturing PMI at 17:55; the Eurozone Manufacturing PMI at 18:00; and the UKconsumer credit balances, UK money supply, and UK Manufacturing PMI; at 21:30, remarks by MPC member Taylor; at 23:00,Remarks by ECB President Lagarde and remarks by German Bundesbank President Nagel; at 11:45 PM, the U.S. PMI Purchasing Managers’ Index; and at 12:00 AM, the U.S. ISM Manufacturing Index are scheduled. We will be watching closely to see if the pound, which has been trading lower, shows signs of recovery during European trading hours and whether there is room for further gains.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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