Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading around 1.4168 during the early Asian trade session. Trading is quiet as the Forex markets are waiting on key labor data out of the United States.
The GBP/USD currency exchange rate has found short-term support at an ascending trend line, seen on the above four hour MT 4 price action chart. Right now the British pound continues to trade within a bearish chart formation.
Today, the United States begins the road to Friday’s key non-farm payroll (NFP) report, for May, the Labor Department will also publish, on Friday, release their monthly unemployment rate, average hourly earnings and labor participation rate.
Today, traders will closely scrutinize the private monthly ADP non-farm payroll change. The Labor Department is also releasing weekly initial and continuing jobless claims. The world’s largest economy will also publish their final monthly services purchasing managers’ index (PMI).
The United Kingdom will be releasing their final monthly services purchasing managers’ index as will the European Union. Italy is releasing their monthly services purchasing managers’ index, as well.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the above MT 4 chart, the MACD momentum indicator is turning negative and the relative strength index (RSI) neutral around the mid-line.
The British pound has immediate support lining up at 1.4135. The next downside barrier lines up at the two hundred (200) hour simple moving average in play at 1.4040. There is trend line support lining up at 1.4020. The next layer of technical support lines up at the May low price point at 1.38.
On the upside, the GBP/USD Forex market has immediate technical resistance in play at a congestion zone. This area is at 1.4220 to 1.4225.
The next upside barrier is in play at 1.4245. A daily close above 1.4245 challenges the falling wedge’s upper bounder at 1.4255. The next layer of technical resistance then lines up at 1.43.
