Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline GBP/USD Forex market, the British pound is trying to stay above 1.39 during the Asian trade session. The GBP/USD currency exchange rate is finding some support at the two hundred (200) hour simple moving average.
However, the British Pound is wavering just below 1.39 near 1.3880 as traders look for directional cues on Tuesday.
The global economic calendar is fairly quiet on Tuesday. Tomorrow, Wednesday, will be more eventful as the U.S. Federal Reserve Board (Fed) will announce their monthly monetary policy and interest rate decision.
Today, as far as economic data is concerned, the Consumer Confidence Board (CB) will publish their monthly consumer confidence index for the United States. The U.S. is also releasing monthly housing data and the Richmond Federal Reserve will release their monthly manufacturing index.
The United Kingdom will release the monthly private CBI realized sales data. The euro area’s economic calendar has no major economic releases scheduled and neither does Canada. Coronavirus headlines continue to factor into price action, particularly for the British Pound.
Yesterday, the European Union announced that they will take legal action against the United Kingdom’s AstraZeneca over failing to deliver vaccines to the single currency and trade bloc.
Daily British Pound Technical Analysis (GBP/USD)
Along with finding support at the two hundred hour simple moving average, the relative strength index (RSI) looms positive. Also, the short term triangle formation, in play since last Thursday is limiting price action in the GBP/USD Forex market.
On the downside, the British pound has support lining up at the 200 hour simple moving average. This downside barrier lines up at 1.3875 with the next downside barrier lining up at 1.3855. A daily close below 1.38 opens the door to challenge 1.3715.
On the upside a daily close above the technical resistance lining up at 1.3950 is needed to see a possible challenge of the 1.40 to 1.4010 congestion area.
