Forex Marketz Daily Forex News – Fully Markets Update
The British pound is still trading below 1.42. The benchmark GBP/USD currency exchange rate has failed to break above this key level and is currently trading around and just below 1.4180. This benchmark Forex market is stuck in a range trade as seen on the above four hour MT 4 chart.
The economic calendar is a bit busier on Tuesday. BRC will publish their retail sales monitor for the United Kingdom. The United States will release their JOLTS jobs openings and monthly trade balance data.
The ZEW economic research institute will release their Germany and the euro area economic sentiment index. Italy is publishing monthly retail sales and Germany will publish monthly industrial production data.
Japan, overnight into Wednesday, will release monthly preliminary machine tool orders as well as money supply data. Australia will publish monthly Westpac consumer sentiment data, overnight as well.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action on the above GBP/USD price action chart, the British pound is having difficulty finding upside momentum to cross above 1.42 and has eased lower to and below 1.4180. The GBP/USD Forex market is trading within a trade range from 1.4080 to 1.4220 for the last two trade sessions.
With that said, the first upside barrier is at 1.42. A daily close above this level challenges the next layer of technical resistance in play at 1.4220.
The multi-month high price point at 1.4250 is the next upside challenge for the British pound. A sustained close above 1.4250 opens the door to challenge 1.43 with the April 2018 high price point at 1.4375 then coming into play.
On the downside, a daily close below the range support at 1.4080 opens the door for the 200 hour simple moving average at 1.4060. The next downside barrier is at a horizontal line in play near 1.4010. The key psychological barrier at 1.40 then comes into the picture.
