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Will the weak pound rebound during European trading hours? Keep an eye on its upside potential.

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Will the weak pound rebound during European trading hours? Keep an eye on its upside potential.

02.03.2026

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

Last weekend, the U.S. dollar fluctuated 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.The USD/JPY pair traded between 155.543 and 156.236. It remained within the range of the hourly Bollinger Bands, between -2σ and +2σ.On the 4-hour chart, prices have stalled near the point where they broke above the 200-period 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 Himinoh, Deputy Governor of the Bank of Japan, at 10:30; Nationwide House Price Index (UK) at 16:00; Manufacturing PMI (Germany) at 17:55; Manufacturing PMI (Eurozone) at 18:00; andconsumer credit balances, UK money supply, and UK Manufacturing PMI; at 21:30, remarks by UK MPC member Taylor; at 23:00,Remarks by ECB President Lagarde and remarks by German Bundesbank President Nagel; at 23:45, the U.S. PMI; and at 24:00, the U.S. ISM Manufacturing Index are scheduled. We will be watching closely for upside potential to see if the pound, which has been trading lower, will recover during European trading hours.

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 focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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