Forex Marketz Daily Forex News – Fully Markets Update
The British pound (GBP) is under some pressure against the U.S. dollar (USD) during the early Asian trade session, as it has fallen to 1.2730. Looking at the GBP/USD currency exchange rate, this Forex market is consolidating around the key two hundred (200) day moving average.
Forex traders have found little to extend price action with the British pound above the 200 DMA and are showing hesitation. Especially with the lack of economic data to serve a catalyst.
The economic calendar is not very full again today. This has been a quiet week for global data as Forex traders are forced to watch Covid-19 (coronavirus) headlines as well as geopolitical news. China has announced that the U.S. State Department has ordered them to close their consulate in Houston within 24 hours.
As far as economic data is concerned, today, the United Kingdom is publishing monthly CBI industrial orders expectations data. The United States will release their monthly CB leading index gauge. The U.S. Labor Department will release weekly unemployment claims data.
Forex traders will pay close attention to continuing claims data today. There has been an alarming surge in new Covid-19 cases in populous states. These states include Florida, Texas and California. California is now considering a second lockdown to stem the new surge in cases.
The European Union will publish their monthly consumer confidence data. Germany, the largest economy in the European Union, will publish their monthly Gfk consumer confidence gauge. The Canadian economic calendar has no events on the schedule.
Daily British Pound Technical Analysis (GBP/USD)
Looking at the daily MT 4 chart, above, the GBP/USD Forex market is showing overbought in the 14 day relative strength index (RSI) indicator. There is a short tem downward sloping trend line, in play since 10 June, to monitor as well.
With that said, a daily close above 1.2765 opens the door to challenge the upside barrier in play at 1.28. The upside barrier at 1.2815 would then come into focus.
On the flip side a daily close below the 200 day moving average at 1.27 opens the door to challenge the technical support level lining up at 1.2520. The next downside barrier lines up at 1.25 with the 29 June low price point at 1.2250 then coming into focus.
