Forex Marketz Daily Forex News – Fully Markets Update
Looking at the British pound (GBP) on the above GBP/USD four (4) hour MT 4 price chart, this headline Forex market has declined to 1.3207 with an intraday low price point at 1.3205 during the Asian trade session on Thursday. The GBP/USD currency exchange rate has broken a four day winning streak and fallen from a one week high price point.
Today, the Federal Reserve Board’s Jackson Hole Economic Symposium begins. Federal Reserve Chair Jerome Powell and other monetary policy makers will be delivering commentary. On the economic calendar, the United States will publish their preliminary quarterly gross domestic product (GDP) as well as preliminary GDP price index (quarterly).
The Labor Department is releasing weekly first time unemployment claims for the week ending 21 August as well as continuing claims data. U.S. monthly pending home sales data is also scheduled to be released.
The economic calendar out of the United Kingdom has no macroeconomic data releases on Thursday’s schedule. The European Union is releasing their monthly private loans data (annual). The European Central Bank (ECB) will publish their M3 monetary supply data. Canada will release their monthly current account.
Daily British Pound Technical Analysis (GBP/USD)
Looking at price action, the British pound started to lose steam after the relative strength index (RSI) moved into overbought territory. With that said the British pound is having difficulty extending above 1.32.
This could lead to the GBP/USD Forex market testing the support that lines up at the 6 August high price point. This level is at 1.3185. The next downside barrier then lines up at the Tuesday high price point in play at 1.3170.
A sustained close below 1.3170 will open the door to challenge 1.3120 next with focus then shifting towards the support in play at 1.3090. A close below 1.3090 will then challenge a rising trend line in play from 4 August at 1.3065.
On the flip side, a daily close above the short-term descending trend line near 1.3235 is needed to challenge the month high price point in play at 1.3270.
