Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading around the 23.6 percent Fibonacci level at 1.3740 as a new month begins during the Asian trade session on Wednesday. Price action in the GBP/USD currency exchange rate is trading around 1.3755 to 1.3740 ahead of key purchasing managers’ indices (PMI).
The United Kingdom will feature the private monthly Nationwide housing price index as well as the monthly BRC shop price index. The UK is also publishing their monthly manufacturing index. The United States is releasing labor numbers and purchasing managers’ index data.
ISM will publish their August manufacturing purchasing managers’ index. ADP will release their August non-farm payroll change. The EIA will be publishing their weekly crude oil inventory data.
The euro area is publishing their monthly manufacturing purchasing managers’ index as well as labor data. Germany, France and Italy are publishing their monthly manufacturing purchasing managers’ indices. Germany is also publishing monthly retail sales data.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram looks positive. The GBP/USD Forex market is also trading above a rising trend line in play since 20 August after falling lower from the 200 day simple moving average. The British pound is also falling away from its highest price point since 17 August.
The 200 day simple moving average lines up at 1.3810, but there is a falling month long trend line lining up at 1.3765. A daily close above the 200 day simple moving average could see the British pound challenging the falling trend line from 1 June at 1.3840 next.
On the downside, there is immediate technical support lining up at 1.3720. The next downside level is at August monthly low price point of 1.36. Below 1.36, the July monthly low, and key support level, lining up at 1.3570 then comes into play.
