Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound and the above GBP/USD four hour MT 4 price chart, this Forex market looks firm around 1.4227 during the early Asian trade session. The GBP/USD currency exchange rate is also trading above the twenty (20) hour simple moving average.
The United States will release final monthly flash manufacturing purchasing managers’ index (PMI) data. The big item on their economic calendar is the monthly Institute for Supply Management (ISM) manufacturing purchasing managers’ index.
The United Kingdom will publish the private monthly Nationwide housing price index (HPI) as well as their final flash monthly manufacturing purchasing managers’ index.
Germany and Italy are publishing monthly labor data. The European Union is releasing monthly consumer price index (CPI) data as well as labor data. The euro area will also publish their final flash monthly manufacturing purchasing managers’ index.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above four hour MT 4 chart, the MACD histogram is above the mid-line and flashing a neutral momentum signal for the GBP/USD Forex market. If the MACD starts to trend higher, the British pound buyers will be happy.
Price action is consolidating in a broad range from 1.41 to 1.4228. A daily close above 1.4228 should open the door for the British pound to challenge the technical resistance level in play at 1.4250.
With that said, there is technical resistance lining up at the February 2018 monthly high price point at 1.4278. The next upside barrier lines up at the January 2018 high price point at 1.4345.
On the downside, there is immediate technical support in play at 1.42 with the 31 May low price point, and the 20 hour simple moving average at 1.4160 then coming into the picture.
A sustained close below the 20 hour simple moving average could then see the GBP/USD currency exchange rate challenging the key horizontal support layer that lines up at 1.4120.
