Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading around the intra-session high of 1.3928 during the Asian trade session on Thursday. This is also a weekly high price point.
Looking at the above GBP/USD daily MT 4 price action chart, the British pound is trading just below the 21 day simple moving average and just above the ten (10) day simple moving average. Price action is also just above the falling trend line in play since 24 February.
The United States House of Representatives has just passed President Joe Biden’s massive $1.9 trillion pandemic fiscal stimulus rescue package. The measure now heads to President Biden and he will sign it into law. As far as the economic calendar is concerned, the U.S. Labor Department is releasing weekly initial unemployment and continuing claim labor data. The JOLTS jobs openings survey is also being released.
The United Kingdom is publishing monthly RICS housing data, but the headline event on the economic calendar today is the European Central Bank (ECB). The European Central Bank will announce their March monetary policy and rate decision. The ECB will also release their monetary policy statement and European Central Bank President Christine Lagarde will speak to the press.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above GBP/USD price action chart, the 14 day relative strength index (RSI) is positive which could mean more gains for the British pound against the greenback. The immediate upside barrier is at the 21 day simple moving average at 1.3940.
The next layer of technical resistance lines up at the monthly high price point of 1.4020 with the multi-month high price point at 1.4242 then coming into play.
On the downside, the 10 day simple moving average at 1.3905 is immediate support with a former upside barrier now technical support level at 1.3840 coming into focus. The February low price point at 1.3565 then comes into play if a break below 1.3535 happens.
