Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading higher during the Asian trade session against the safe haven Japanese yen. The benchmark GBP/JPY currency exchange rate is above 153.70 yen as Forex traders look to challenge the 153.85 to 153.90 yen price level.
Also to note, the British pound refreshed a multi-month high price on Monday as it crossed the April high price point.
Today’s economic calendar is fairly light. The United Kingdom will publish their monthly private BRC retail sales monitor. The Eurozone is publishing their monthly ZEW economic survey.
Italy will release their monthly industrial production numbers and Germany, the euro area’s largest economy will release their monthly ZEW economic survey and monthly WPI data.
The United States is publishing monthly JOLTS jobs opening data and Federal Reserve monetary policy committee member Brainard is delivering commentary. The United States plans a phased restart of their largest crude oil pipeline.
The Colonial oil pipeline was shut down after hackers installed ransomware on their computer network. The United States has accused Russia of possibly being involved with this major cyber security incident.
Daily British Pound Technical Analysis (GBP/JPY)
Looking at the above GBP/JPY daily MT 4 price action chart, the 14 day MACD momentum indicator looks positive. Couple with the British pound breaking above a key technical resistance level, the GBP/JPY Forex market looks good for more gains unless price action drops back below the April high price point at 153.35 yen.
A daily close below 153.53 opens the door for the next downside barrier in play at 152.40 yen with 152.35 yen being the next layer of technical support to watch. There is a two week old rising trend line in play at 151.65 yen.
On the upside, Monday’s high price level at 154 yen is immediate technical support with the late January 2018 high price point at 154.60 yen lining up next. The next upside barrier lining up at 155.50 yen then comes into play.
