Forex Marketz Daily Forex News – Fully Markets Update
Looking at the GBP/USD currency exchange rate, the British pound (GBP) is still on the offensive against the U.S. dollar. With that said, looking at the above daily MT 4 chart, this Forex market has fallen a bit from 1.2880.
Today the United Kingdom will publish monthly CBI realized sales data. The United States is releasing minor housing data as well as the monthly Richmond manufacturing index. The world’s largest economy is also publishing their monthly CB consumer confidence index.
Spain is releasing their monthly unemployment rate. The rest of the economic calendar in the European Union has no other data releases. Canada also has no economic data releases today.
Currency traders will be watching Covid-19 (coronavirus) vaccine news as several companies have started phase three testing. There are also rising political tensions between China and the United States which could have a negative impact with sentiment linked currencies like the British pound.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action on the above daily MT 4 chart, on Monday the GBP/USD Forex market retouched its highest price point since 11 March. Looking at the technical indicators like the 14 day relative strength index (RSI) are starting to signal overbought conditions. There is also an upward sloping trend line in play since 13 March capping gains.
On the downside, the first downside barrier to monitor closely lines up at the two hundred (200) day moving average. This downside area is a congestion zone lining up at 1.2705 to 1.2715. The next layer of technical support lines up at 1.27 which then brings 1.2465 into focus. A sustained closed from here brings up 1.2360 then 1.2250 comes into range.
On the upside, the first layer of technical resistance to monitor lines up at 1.2815. The next upside barrier then lines up at 1.2915 with 1.30 then coming into focus. The 13 February high price point lining up at 1.3069 would then come into focus with the March monthly high price point at 1.32 coming into range.
