Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark GBP/USD currency exchange rate on the above daily MT 4 price action chart, the British pound is nursing recent losses below the downside barrier, now technical upside barrier, in play at 1.3750.
The British pound has sold off for two days in a row since hitting a three week high price point. This three week high price point was at 1.3918.
Today, Forex traders will pay close attention to what Federal Reserve Chair Jerome Powell has to say. The United States is also releasing weekly Labor Department data. This includes weekly initial jobless claims as well as continuing claims.
The United Kingdom is publishing monthly RICS housing prices data. The UK is also releasing monthly construction purchasing managers’ index (PMI) data.
The European Union’s economic calendar will feature the European Central Bank’s (ECB) monetary policy meeting account. France is publishing their monthly trade balance and Germany will release their monthly factory orders.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action more closely on the above daily MT 4 chart, the GBP/USD Forex market is challenging the downside barrier near 1.3840 during the early Asian trade session. The one hundred (100) day simple moving average (SMA) is sloping higher and comes into play at 1.3682.
A daily close below 1.3682 opens the door to challenge the next downside barrier in play near 1.3650. The British pound is also trading below the short term 21 and fifty (50) day simple moving averages.
The 14 day relative strength index (RSI) is sloping lower and below the mid-line signaling more losses could be ahead for the GBP/USD Forex market.
On the upside, initial technical resistance lines up at the 21 day simple moving average at 1.3830/1. A daily close above the 21 day SMA opens the door to challenge the next layer of technical resistance at the fifty day simple moving average. This upside barrier lines up at 1.3853.
