Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading firm around 1.4190 against the U.S. dollar during the early morning Asian trade session on Friday. This comes after the GBP/USD currency exchange rate saw a good run on Thursday. This Forex market recovered from the ten (10) day simple moving average (SMA).
On the economic calendar, the United Kingdom will publish monthly retail sales as well as monthly manufacturing data. The UK is also releasing their monthly flash services and manufacturing purchasing managers’ indices (PMI).
The United States will also publish their monthly flash services and manufacturing purchasing managers’ indices as will the European Union, France and Germany. The euro area is also publishing monthly consumer confidence data. Also on the U.S. economic calendar, is monthly housing data.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action on the above daily GBP/USD MT 4 chart, the British pound seems poised to challenge the key upside barrier lining up at 1.42. The next key barrier is lining up at 1.4250. The 14 day relative strength index as well as thee 14 day MACD histogram are signaling waning upside momentum.
The upside barrier at 1.4250 is also where a rising trend line from 20 April comes into play. Before challenging this key level, both 1.42 and the monthly high price point at 1.4220 are stiff challenges. If the British pound breaks above 1.4250, the April 2018 high price at 1.4380 comes into focus.
On the downside, the ten (10) day simple moving average is the immediate level of support to monitor. This downside barrier lines up around 1.4128. The next layer of technical support lines up at a congestion zone in play at 1.40 to 1.4010.
A sustained close below 1.40 should open the door for the GBP/USD Forex market to challenge the April high price point at 1.3920. The next downside barrier would then come into play at 1.3915.
