Forex Marketz Daily Forex News – Fully Markets Update
The British pound is consolidating a recent recovery from a weekly low price point against the U.S. dollar. The benchmark GBP/USD currency exchange is looking to probably challenge the upside barrier lining up at 1.36 and is trading around 1.3590 headed into Thursday.
The economic calendar is fairly quiet before Friday’s September U.S. non-farm payroll (NFP), unemployment rate, labor participation rate and average hourly earnings from the U.S. Labor Department.
The United States, today, will release weekly initial and continuing jobless claims data as well as monthly Challenger jobs cuts.
The United Kingdom is publishing housing data. Halifax will publish their monthly housing price index (HPI). The euro area’s largest economy is publishing their monthly industrial production numbers. France is releasing their current account and the European Central Bank (ECB) will release the monetary policy minutes from their last meeting and policy meeting.
Also on the minds of Forex traders, U.S. Congressional Democrats and Republicans have reportedly reached an agreement to extend the debt ceiling through December. A temporary fix to avoid a catastrophic default.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above four hour MT 4 price action chart, the MACD histogram as well as the momentum indicator both look bearish. The British pound is trying to extend its recovery from near the 23.6 percent Fibonacci level but appears to be running out of steam.
On the upside, the GBP/USD Forex market is looking to challenge 100 hour exponential moving average lining up at 1.36. There is also a falling trend line, from 17 September, in this area. The falling trend line lines up at 1.3635.
The 61.8 percent Fibonacci level lines up at 1.3660 with the next layer of technical resistance lining up at 1.3720. There is a congestion area at 1.3750 to 1.3755.
On the downside, the 23.6 percent Fibonacci level is around 1.3550 before the round number of 1.35. The monthly low price level lines up at 1.3410.
