Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound on the above GBP/USD MT 4 hour chart, the technical upside barrier lining up at 1.30 is key as this benchmark Forex market has formed a bearish flag char pattern.
The British pound is also trading between the one hundred and two hundred (100, 200) day simple moving averages (SMA). However, is trending below the short term fifty (50) day moving average which indicates possible weakness in this Forex market.
Looking at the economic calendar, the Chief Economist for the Bank of England (BOE) and Monetary Policy Committee (MPC) member Dr. Haldane is speaking at a conference. The United States is releasing a whole slew of purchasing managers’ indices (PMI). This includes the key monthly Institute for Supply Management (ISM) services PMI.
Markit is also publishing their monthly purchasing managers’ indices (PMI). The Eurozone is releasing their monthly Markit purchasing managers’ indices (PMI). Germany is also publishing their monthly Markit purchasing managers’ indices (PMI). The Eurozone is also releasing monthly retail sales data.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the British pound on the above M 4 price chart, the picture is quite mixed. The technical indicators like the relative strength index (RSI) is flat at the mid-line (50) and the MACD histogram is also midrange at fifty. However, the signal lines are above fifty which could indicate hesitation towards a downward trend.
The GBP/USD currency exchange rate has technical support at 1.2810, which was also the low price point last week. The next downside barrier lines up at 1.2770, which was the low price point at the start of September. The 200 day SMA at 1.2720 then comes into play. The next downside layer lines up at 1.2665.
On the upside is the ley layer of technical resistance lining up at 1.30. The next layer of technical resistance lines up at 1.3065. This is a former support level from August. The next upside barrier lines up at 1.3195 with 1.3270 then coming into focus. The August high price point at 1.3480 then pops up on the radar.
