Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline GBP/USD currency exchange rate and above daily MT 4 chart, the British pound (GBP) has formed a bearish pin candlestick pattern against the U.S. dollar.
The GBP/USD Forex market also continues to trade below the 21 day moving average.
The United Kingdom has a couple of data releases on Friday which will not affect the British currency that much. However, the Eurozone economic calendar has more high impact events that could cause some price action volatility with the British pound.
The United Kingdom will release monthly final monthly services purchasing managers’ index (PMI) and their monthly Gfk consumer confidence gauge.
Italy is publishing their monthly services purchasing managers’ index (PMI) and the Eurozone is releasing their monthly final monthly services purchasing managers’ index (PMI). France is releasing their monthly government balance sheet.
The United States is headed into the July 4th holiday weekend. This means a quiet economic calendar as we head into the weekend. Yesterday, the U.S. Labor Department released their June non-farm payroll report (NFP).
The U.S. economy added a record, and better than expected, 4.8 million jobs last month. The monthly U.S. unemployment rate fell to 11.1 percent. In May, the unemployment rate came in at 13.3 percent. Canada also has nothing on their economic calendar today.
Daily British Pound Technical Analysis
Looking at price action on the above MT 4 chart, traders looked determined to challenge the 29 June high price and downside technical barrier in play at 1.2390. This would open the door to challenge the monthly low price point lining up at 1.2252.
The next downside barrier would then come into play at 1.2162 with the 18 May low price point at 1.2075 then coming into focus. The next layer of technical support comes up at 1.20.
On the flip side, a daily close above the 21 day moving average lining up at 1.2515 opens the door to challenge the 24 June high price point in play at 1.2545.
A sustained close above this level will open the door to challenge the June high price point at 1.2813 next. The 16 June intraday high price point at 1.2690 would then come into focus.
