Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound (GBP) on the above daily GBP/USD daily MT 4 chart, the sellers are trying to enter this Forex market as there are some overbought signals with the technical indicators.
The relative strength index (RSI) is below the 70 level and the British pound is still trading above the fifty, one hundred and two hundred (50,100,200) day moving averages.
These are some mixed singles as the bears are trying to enter this Forex market but the bulls remain in overall control. His could lead to some short term gains for the British pound this week.
What is interesting, Forex traders right now seem to be ignoring Covid-19 (coronavirus) headlines as well as mixed non-farm payroll (NFP) released last Friday.
While the headline number came in just below expectations and the U.S. unemployment rate fell to 8.4 percent, the labor participation rate is still below 62 percent (61.7 percent) and 300,000 temporary government workers will be laid off at the end of September.
Trade volume in the global financial and Forex markets will be rather light today. The world’s largest economy, the United States, is celebrating the Labor Day Holiday and their financial markets will be shuttered. The United Kingdom has no macroeconomic data releases today.
The European Union, or Eurozone, will release their monthly Sentix investor confidence gauge. The Eurozone’s largest economy, Germany, is scheduled to release their monthly industrial production numbers.
Daily British Pound Technical Analysis 9GBP/USD)
Looking at price action on the above GBP/USD price action chart, there is initial technical support lining up at 1.3240. This is the earl September high price point. The next downside barrier comes into play at 1.3180.
The next level of technical support lines up at 1.3050 with the key level of technical support then coming into focus at 1.2980. This was the early low price point for August.
On the upside, a sustained above the technical layer of resistance lining up a 1.3290 brings 1.3350 into play with 1.34 then coming into focus. Anything above here shifts focus towards the 2020 high price point lining up at 1.3480.
