Today the January services PMI for the UK is due. Economists expect the index to rise to 51.3 from 49.7 in December. This is a leading indicator similar to the Manufacturing PMI that was released early this week.

4:30 Am GMT
Forecast 51.2
Previous 49.7

Due to the recent bullish sentiment in the Sterling, despite of the negative 4th quarter GDP release, traders are now more convinced that BOE's next move is going to be a rate hike, therefore any positive news is likely to spark another Sterling rally.

UK's economy is 73% Services related, if we get a strong release on this PMI, we could see GBP sentiment turn bullish. Even though this PMI release does not change the long-term trend, but as leading indicator and being released during the early part of the month usually helps to define the trend for the rest of the month.