Forex Marketz Daily Forex News – Fully Markets Update
Today is Good Friday so most of the European financial markets will be closed for the holiday. The GBP/USD currency exchange rate, is seeing the sentiment linked British pound drift a bit higher against the U.S. dollar during the Asian trade session.
Wall Street is also closed for the holiday on Friday. The GBP/USD Forex market is challenging both the 21 and fifty (50) day simple moving averages as well as a short term falling trend line.
The daily macroeconomic calendar is quiet on Friday. The headline event is the monthly non-farm payroll report (NFP) being released by the U.S. Labor Department. Median forecasts are calling for the United States to add 647,000 new jobs in March. This comes after the February non-farm payroll report rose by 379,000 new jobs.
The unemployment rate is expected tick lower to six percent from February’s 6.2 percent and average hourly earnings are expected to rise by 0.2 percent. The key metric to watch will be the labor participation rate.
The European Union has no key data releases and neither does the United Kingdom or Canada. British pound traders are likely to react to headlines surrounding the global coronavirus pandemic as well as tensions in Asia surrounding China and North Korea.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above daily MT 4 price action chart, the relative strength index (RSI) is signaling normal price action conditions. The British pound could break above the 21 and 50 day simple moving averages and the short term falling trend line in the 1.3840 to 1.3845 congestion area.
A daily close above the 1.3840 to 1.3845 congestion area will open the door to challenge the upside layer in play at 1.40.
The next layer of technical resistance lines up at the March high price point at 1.4017. While below the short term trend line, the first layer of technical support is in play at the February low price point at 1.3670. Before this downside barrier, there is a support level at 1.37.
A daily close below 1.3670 opens the door for the downside barrier in play at 1.3565.
