Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark GBP/USD currency exchange rate on the above daily MT 4 price chart, the British pound (GBP) is trying to extend gains within an upward price channel that has been in place since late September.
The British pound is also trading above the key simple daily moving averages (SMA). These moving averages include the fifty, one hundred and two hundred (50, 100, 200) SMAs. Also of note, the relative strength index (RSI) is below seventy (70) which means price action is not overbought.
The private IHS Markit firm will release their monthly non-manufacturing and manufacturing purchasing managers’ indices (PMI) for the United Kingdom. The Chief Economist for the Bank of England, Andy Haldane, is also giving a speech. Dr. Haldane’s comments could move the British Pound Forex markets.
For the European Union and the United States, IHS Markit will release their first look monthly non-manufacturing and manufacturing purchasing managers’ indices (PMI). The United States will also feature the Chicago Fed national activity index. Germany, the euro area’s largest economy is also publishing monthly IHS Markit non-manufacturing and manufacturing purchasing managers’ indices (PMI).
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action on the above chart, the British pound notes immediate upside resistance lining up at 1.3275. That upside barrier capped the GBP/USD Forex market in August. The next upside barrier to monitor lines up at the November high price point at 1.3310.
The next layer of technical resistance is at the uptrend barrier. This layer is at 1.3360. The next layers of technical resistance to monitor line up at 1.34 and 1.3510.
On the downside, the fist layer of technical support lines up at the significant level of 1.3180. This downside barrier kept the GBP/USD down in October. The next layer of support lines up at the low price point in mid-November.
This downside barrier is in play at 1.31 with the key psychological level of 1.30 then coming into play. The fifty day moving average is also at that level.
