Economists at Scotiabank expect Bank of England's (BoE) Andrew Bailey not to reinforce rate expectations at his next Thursday speech. Subsequently, the GBP/USD pair could slide below the 1.30 level.

Mar retail sales and S&P PMIs next Friday to possibly weigh on the GBP further

“The UK data and events calendar does not pick up until next Thursday when BoE Gov Bailey’s speech at the PIIE may provide hints on the BoE outlook. As things stand, odds are he will not reinforce rate expectations and the GBP remains at risk of falling back under 1.30.”

“Mar retail sales and S&P (formerly Markit) PMIs next Friday will round out the week and possibly weigh on the GBP further.”