Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading at a 34 month high price point against the U.S. dollar. The benchmark GBP/USD currency exchange rate is near its highest price point since April 2018 as price action on the above MT 4 price action chart is trading near 1.4120 during the Asian trade session on Wednesday.
This headline GBP/USD Forex market is trading within an upside price channel and the 14 day MACD momentum indicator is looking bullish. Traders are reacting positively to British Prime Minister Boris Johnson who hopes to have the economy back to operating fully by April.
Yesterday PM Boris Johnson outlined his four stage plan to reopen the United Kingdom from its current coronavirus (Covid-19) lockdown.
The United Kingdom has seemingly turned a crucial point as new coronavirus infections are falling as are hospitalizations and deaths. The United Kingdom has now vaccinated at least one quarter of the population with one of two Covid-19 vaccination shots. PM Johnson says vaccinations are key to reopening the economy safely.
Today’s economic calendar is quite light. The United Kingdom will see Bank of England’s chief economist and Monetary Policy Committee (MPC) member Andy Haldane giving remarks. The United States is publishing monthly housing data as well as weekly crude oil inventory. The euro area has no key macroeconomic data releases on the schedule.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above daily GBP/USD MT 4 price action chart, the British pound is trading near the upper trend line barrier of the rising trend channel. This is a key upside barrier and has this rising price channel has been in play since 2 February.
A daily close above 1.1410 opens the door to challenge the next upside barrier in play at 1.42 with the March 2018 high price point of 1.4245 then coming into play.
On the downside, a daily close below the key psychological barrier of 1.40 opens the door for the channel support level in play at 1.3944/45. Forex traders should note that the key level to watch lines up the rising trend line in play since September 2020 at 1.3810.
