GBPUSD Outlook With Elliot wave count

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1. Construction PMI: Monday, 9:30. Construction PMI has been stuck below the 50 level since November 2012, indicating sustained contraction in the UK construction sector. As well, the index has failed to meet the estimate since that the November reading. The estimate for the March release is slightly higher, at 49.2 points.
2. BRC Retail Sales Monitor: Tuesday, 00:01. This indicator, which is based on data from stores belonging to the BRC, helps provides a snapshot of the retail sales industry. The indicator jumped 1.9% in February, its best reading in over a year. The markets will be hoping for another strong showing in the upcoming release.
3. Halifax HPI: Tuesday, 5th-7th. This indicator measures the change in house prices in the UK, and as such is a leading housing indicator. The index declined 0.2% in February, and the markets are expecting a turnaround in the March release, with an estimate of a 04% gain.

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4:Services PMI: Tuesday, 9:30. Services PMI has been above the 50-point level for over a year, with the exception of the January 2013 release. This indicates that the UK service industry has been steady, with modest expansion. The previous reading came in at 51.5 points, and the March estimate stands at the same figure.
5:BRC Shop Price Index: Wednesday, 00:01. This index measures the change in price of goods from stores belonging to the BRC, and provides analysts with useful data concerning consumer inflation in the UK. Prior to the February reading, the index posted gains of 1.5% for three consecutive months. The index showed a much smaller gain in February of 0.6%.
6:BOE Governor Mervyn King Speaks: Wednesday, 9:45. Governor King will be testifying before a parliamentary committee about banking standards. A speech which is considered more hawkish than expected is bullish for the pound.
7:Asset Purchase Facility: Thursday, 12:00. The BOE has been purchasing assets at the rate of 375 billion pounds a month since June 2012. No change is expected in the March announcement.
8:Official Bank Rate: Thursday, 12:00. The BOE’s key interest rate has been set at 0.50% since 2009, and the markets are not expecting any change in the March announcement. The MPC will release a Rate Statement at the same time as the interest rate announcement.
9:Consumer Inflation Expectations: Friday, Tentative. This indicator surveys consumers for their expectation of inflation over the next 12 months. This indicator, which is released quarterly, is useful for tracking actual inflation in the UK.

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