Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound on the above four hour MT 4 price action chart, the GBP/USD Forex market is bearish and trading around 1.3985 during the Asian trade session on Friday.
The British pound has fallen to its lowest level in a week against the U.S. dollar. Looking at the above mentioned chart, the GBP/USD currency exchange rate is now below the fifty (50) hour simple moving average (SMA) as well the rising trend line in play since 4 February.
Today’s economic calendar will see the world’s largest economy publishing the monthly Chicago purchasing managers’ index (PMI) as well as monthly trade goods balance data. The monthly core PCE index is also on the schedule as well as revised the revised monthly University of Michigan consumer sentiment index.
The European Union is also releasing key economic data on Friday. France will publish initial quarterly gross domestic product (GDP) data and Spain is releasing their monthly fly consumer price index (CPI). France is publishing monthly consumer spending and Germany is releasing monthly import prices.
Switzerland will release initial quarterly gross domestic product (GDP) data and their monthly KOF economic barometer. The United Kingdom has nothing on their economic calendar to influence the British pound on Friday.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action more closely, the GBP/USD has broken below a key support trend line and the relative strength index (RSI) is not in oversold territory. This could mean more weakness for the GBP/USD Forex market.
The first downside barrier lines up at 1.3825 with a daily close below this level opening the door to challenge 1.3950 next. The next layer of technical support lines up at 1.39.
On the upside, a daily close above 1.4010 is needed to challenge the next layer of technical resistance lining up at 1.4085. The next upside barrier lines up at 1.4180 with 1.4245 then coming into focus.
