Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark GBP/USD currency exchange rate, on the above four hour MT 4 price chart, the British pound continues to lose ground against the U.S. dollar. This Forex market, during the Asian trade session on Friday, has already seen a low price point pf 1.3917.
Basically, looking at the chart, the British pound has failed to cross above multiple high price points in play since the first of March.
The economic calendar is a bit quiet on Friday. The United Kingdom will publish the Gfk consumer confidence survey and Germany is releasing their monthly producer price index (PPI). The U.S. economic calendar has nothing scheduled and Canada is releasing monthly retail sales data.
The sentiment linked British pound is reacting to coronavirus news. Positive, Germany, France and Italy will restart using the AstraZeneca Covid-19 vaccine. However, the negative is a bit more disturbing. France has had a high Covid-19 infection rate. Their cases are being boosted by more infectious variants of the coronavirus.
This includes the variant from the United Kingdom. The UK variant battered the UK during December and January. France will lock down 16 regions including Paris. This lockdown will shutter non-essential stores and will restrict people from moving over 10,000 meter from their homes.
Daily British Pound Technical Analysis (GBP/USD)
The relative strength index is sloping lower, which is a good sign for the sellers in the GBP/USD Forex market. There are also a number of layers of technical resistance in reach.
On the downside, the GBP/USD currency exchange rate is currently challenging a rising trend line and the 200 hour simple moving average. A daily close below 1.39 will open the door to challenge the monthly low price point at 1.3790.
On the upside, the first layer of technical resistance lines up at 1.3980. The next upside barrier lines up at 1.4010 with the 24 February low price point at 1.4085 coming into focus. The February high price point then lines up at 1.4245.
