Forex Marketz Daily Forex News – Fully Markets Update
The British pound is still trading above 1.38. The GBP/USD currency exchange rate remains in a tight trading range just above the weekly low price point at 1.3835 to 1.3840.
Also of note, the British pound is still trading below a month long falling trend line along with a negative 14 day relative strength index (RSI). The GBP/USD Forex market is not out of the proverbial woods yet and more losses could be seen.
On the economic calendar today, the United Kingdom will publish their final monthly manufacturing purchasing managers’ index (PMI). The United States is releasing weekly initial and continuing jobless claims from the Labor Department. The JOLTs jobs cuts is also due. ISM will publish their monthly manufacturing purchasing managers’ index.
The euro area is releasing their final monthly manufacturing purchasing managers’ index (PMI) as well as monthly labor data. Germany will publish monthly retail sales data and Spain will release monthly PMI data. Italy is releasing monthly labor data. Canada has nothing on their economic calendar.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above daily MT 4 chart, as mentioned above, the 14 day relative strength index is signaling negative conditions.
On the downside the British pound has difficult technical support at 1.3810 to 1.38. A daily close below this area opens the door to challenge the technical support in play at the yearly low price point at 1.3670.
There are other support levels at 1.3745 and 1.3750. These support levels could come into play below 1.38 on the way to 1.3670.
On the upside, for the GBP/USD Forex market, a daily close above the upside barrier at 1.3865 will challenge the one hundred (100) day simple moving average at 1.3951.
A move above the 100 day simple moving average brings the round number of 1.40 into focus next. The next layer of technical resistance lines up at 1.4010.
