Forex Marketz Daily Forex News – Fully Markets Update
Looking at the GBP/USD Forex market and above four hour MT 4 price chart, the British pound (GBP) is trading above 1.2840 during the early Asian trade session on Wednesday.
Today’s economic calendar picks up. The United Kingdom is releasing their final quarterly gross domestic product (GDP) data. Britain is also publishing their monthly current account. Also on the economic calendar for the United Kingdom is the private monthly BRC retail sales index.
The United States is publishing key labor data today. On tap is the preview of Friday’s non-farm payroll report, released by the U.S. Labor department. Forex traders will digest the private ADP non-farm unemployment change for September.
Also on the American calendar is monthly pending home sales and their final quarterly gross domestic product. The monthly Chicago purchasing managers’ index (PMI) is also scheduled.
Looking at the economic calendar the European Union, Germany is releasing their monthly retail sales data, monthly import prices and their quarterly unemployment change. France is publishing their monthly consumer spending. Italy will publish their preliminary monthly consumer price index (CPI) data. Canada is publishing monthly gross domestic product (GDP) data.
Daily British Pound Technical Analysis (GBP/USD)
On the above GBP/USD price chart, the British pound remains under pressure. However, Forex traders are looking to break above the one hundred (100) hour simple moving average (SMA). This upside barrier comes into play at 1.2865.
The next upside barrier then comes into play at the key level at 1.29 with the technical layer of resistance lining up at 1.2930 then coming into play. A sustained close above 1.2930 opens the door for the 16 September high price and key psychological level at 1.30.
On the downside, the British pound has the downside barrier in play at the fifty (50) hour simple moving average at 1.2810 with a congestion zone at 1.2775 to 1.2770 then coming into focus. The next layer of technical support then lines up at 1.2675.
