According to Jinshi Data, ING analyst Chris Turner predicts that GBP traders will closely watch the upcoming UK employment data, which could heavily impact market sentiment.
Following Bank of England (BoE) member Catherine Mann’s recent speech, there is growing speculation around interest rate cuts. While the BoE recently reduced rates by 25 basis points, Mann suggested a more aggressive 50 basis point cut due to concerns over the weak job market.
Mann's focus on the non-linear decline in employment signals that Tuesday’s data release could trigger significant movements in the market. Analysts expect GBP/USD to decline to 1.24 by the end of March as investors adjust their positions.