Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound (GBP) on the above four (4) hour GBP/USD price action chart, this headline currency exchange rate has eased back to 1.3268 during the early Asian trade session.
The British pound, yet again, has failed to break above the key upside barrier in play at 1.3280. The GBP/USD Forex market is still trading within a rising wedge channel, on the four hour MT 4 price action chart.
Today is Armistice Day in France and Germany and Veterans Day in the United States. European Central Bank (ECB) President Christine Lagarde is scheduled to give commentary as are four members of the ECB Governing Council. The United Kingdom and Canada have no economic data scheduled to be released
Political drama out of the United States is concerning. President Donald Trump is refusing to accept defeat and has called the election rigged. Secretary of State Mike Pompeo has said that there will be a smooth transition to a second term for Mr. Trump.
Several key Republican Party lawmakers, including Senate Majority Leader Mitch McConnell are standing behind the outgoing president. President-elect Joe Biden says his team will pursue legal options now to ensure a smooth transition of power as the White House is refusing to work with his team.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above four hour MT 4 price action chart, the relative strength index (RSI) is indicating overbought as the British pound is having difficulty breaking above 1.3268. This is a good sign for GBP/USD sellers.
There is a strong layer of support in play at the 21 October high price point at 1.3175. Just above this layer of support there is the wedge line support at 1.3195. With that said, the next layer of technical support is at the two hundred (200) simple hourly moving average. This level lines up at 1.2987. The monthly low price point at 1.2854 then comes into focus.
A daily close above 1.3280 is needed to challenge the next layer of technical layer of resistance at 1.3290. After that, the next layer of technical resistance comes into play at 1.33. There are other layers of technical resistance 1.3350 and the September high price point lining up at 1.3482.
