Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark GBP/USD Forex market and above daily MT 4 chart, the British pound (GBP) is trying to break above a rising trend line in play from mid-March.
These attempts have not been very successful as the GBP/USD Forex market is struggling to stay above the fifty (50) day moving average.
The United Kingdom has no economic data on the schedule for Monday, but Bank of England MPC member Gertjan Willem Vlieghe will be giving a speech, which could impact British pound volatility.
The Dallas Federal Reserve Branch’s monthly manufacturing survey is due today. The United States is also releasing monthly housing data which includes monthly pending home sales.
The Eurozone will release a number economic sentiment surveys. These surveys include the euro area’s monthly economic sentiment survey as well as the business climate survey.
The Eurozone is also releasing their monthly consumer sentiment survey data. Germany, will release monthly consumer price index (CPI) data.
British Pound to Dollar Daily Technical Analysis
Looking at the above GBP/USD currency exchange rate and price action chart, upward momentum for the British pound seems to be waning. There is technical support lining up at 1.2225.
A daily close below this downside support level opens the door to challenge the next layer of technical support in play at 1.2160. The May low price point that that lines up at 1.2075 would then come into focus.
On the flip side, the GBP/USD Forex market has an upside barrier in play at 1.2360. This is a former layer of technical support. The next upside layer comes into play at the swing low price point for June at 1.2460. The next upside barrier lines up at the late June high price point at 1.2550.
The next layer of technical resistance, at this point, lines up at 1.2680. The 200 day moving average is also in this area. The monthly high price point lining up at 1.2815 would the come into focus.
