Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound (GBP) on the above daily MT 4 chart, the GBP/USD currency exchange rate has recovered from an early Asian session low price point at 1.3358.
This Forex market is also trading above the 21 exponential moving average (EMA) after the GBP/USD Forex market has recovered from early weakness to inch back higher.
Today the United Kingdom will be releasing economic data that will cause some volatility with the British pound. They are releasing final monthly manufacturing purchasing managers’ index (PMI) data as well as monthly mortgage approvals.
The United Kingdom will also publish individual net lending data. The United States will see the Institute for Supply Management (ISM) publish their monthly manufacturing purchasing managers’ index (PMI). The world’s largest economy is also releasing monthly final manufacturing purchasing managers’ index (PMI). Monthly construction data is also on the schedule as well a FOMC member Brainard will be giving remarks.
The European Union will publish monthly unemployment change data as well as their monthly core and headline consumer price index (CPI). Germany will release monthly unemployment change data and Spain will release their final purchasing managers’ index (PMI). Italy is also releasing labor data, as they will publish their unemployment change and unemployment rate.
Canada is publishing their monthly manufacturing purchasing managers’ index (PMI) during the Wall Street trade hours.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the British pound on the above MT 4 price chart, the relative strength index (RSI) is starting to signal overbought at this price altitude.
With that said, a daily close below the support level in play at a rising trend line in play from 31 July at 1.3345 will open the door to challenge the 19 August high price point at 1.3265. Below that, the 21 day EMA at 1.3142 comes into focus.
On the flip side, a daily close above the upside barrier in play at 1.34 will open the door to challenge the December 2019 high price point that comes into play at 1.3515.
