Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark GBP/USD currency exchange rate on the above daily MT price action chart, the British pound has formed a bullish pin bar candlestick during the early Asian trade session.
The British pound (GBP) is also trading just below the key upside barrier in play at 1.37 as this benchmark Forex market finds support at the short-term 21 day simple moving average.
There is not a lot on the economic calendar to effect the price action of the British pound or the U.S. dollar (USD). The Bank of England’s Monetary Policy Committee member Andy Haldane is giving remarks today. Germany will see the release of the monthly private ZEW economic survey as well as their final monthly consumer price index (CPI).
The monthly private ZEW economic survey for the Eurozone will also be published. Italy will release their monthly trade balance. Canada is releasing monthly manufacturing sales data as well as monthly wholesales data.
This is also the last day of the Donald Trump presidency. Tomorrow, President-elect Joe Biden will be sworn in. Trump plans to issue one hundred (100) presidential pardons but, as of now, not one for himself. He has no plans to attend Biden’s inauguration nor meet the incoming President of the United States in an absolute stunning break with tradition.
Daily British Pound technical Analysis (GBP/USD)
Looking at price action, the 14 day relative strength index (RSI) is normal as the overall price setup for the British pound looks strong above the 21 day simple moving average. The GBP/USD Forex market is above 1.36 while trying to challenge 1.37 again. The first upside barrier lines up at 1.3660.
A daily close above 1.37 opens the door to challenge the technical layer of resistance in play at 1.3715.
On the downside there is a rising trend line in play since 4 January to watch as well as the 21 day simple moving average at 1.3573. The next layer of support is at a rising trend line from 22 December at 1.3215.
