British Pound Looks for a Directional Signal

The British pound is trading around 1.2975 during the Asian trade session as the benchmark GBP/USD currency exchange rate looks for a direction.

Looking at the above four (4) hour MT 4 chart, this Forex market is trading just below the one hundred and two hundred (100) exponential hourly moving averages (EMA).

Today, the United Kingdom will publish monthly retail sales data. The world’s largest economy, the United States, is releasing their current account today. The CB leading index is also on the calendar and the University of Michigan is publishing their monthly preliminary consumer sentiment index.

Germany, the Eurozone’s largest economy will release monthly factory gate prices known as the producer price index (PPI). The European Union is publishing their monthly current account. Canada, the Great White North, will publish closely scrutinized monthly core and headline retail sales data. Canada is also publishing monthly wholesale prices.

Daily British Pound Technical Analysis (GBP/USD)

Looking at the above price action chart the British pound has been capped at the 100 and 200 exponential moving averages and unable to extend gains from the low price point at 1.2865.

With that said, the 10 September high price point at 1.2997 is the first upside barrier to watch. This is just below the key upside barrier at 1.30. The next upside barrier lines up near the above mentioned moving averages near 1.3030.

Forex traders should note that the MACD histogram is suggesting a bullish trend coming into play, this could see the British pound mounting a challenge of 1.3060 then the 4 September low price point in play at 1.3175.

The first layer of technical support for the GBP/USD Forex market lines up at 1.29. There is a short term rising trend line in play at 1.2870 that would then come into focus. The next downside barrier would come into play at the monthly low price point at 1.2762.