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Should We Keep an Eye on the Pound, Which Is Showing Strong Support?

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Should We Keep an Eye on the Pound, Which Is Showing Strong Support?

18.02.2022

Today's Highlights
  1. UK Retail Sales
  2. U.S. – Williams: Remarks by the President of the New York Fed

U.S. currencies weakened yesterday after the February Philadelphia Fed Business Outlook Index, released yesterday, came in at 16.0—below the market forecast of 20.0. The GBP/USD pair rose by about 80 pips, from 1.355 to 1.363.Since GBP/USD has surpassed 1.361, the recent high on the 4-hour chart, we will be watching closely to see if it can break above the next target of 1.364 with a solid candle if the upward trend continues.

Among European currencies, the euro has been weakening against the pound, with the EUR/GBP pair falling from 0.837 to 0.833. The EUR/GBP pair has resumed its downward trend this month and is approaching the weekly support level of 0.828, so we will be watching closely to see if the decline continues.

Today, at 16:00 European time, UK retail sales, Turkish home sales, and the Turkish consumer confidence index will be released; at 16:45, the French consumer price index will be released; and during U.S. trading hours at 22:30, Canadian retail sales andat 24:00, U.S. existing home sales and the U.S. leading economic index; at 24:45, remarks by U.S. Federal Reserve Governor Waller and remarks by U.S. Federal Reserve Bank of Chicago President Evans;President of the Chicago Fed; at 25:00, remarks by U.S. Fed President Williams of the New York Fed; and at 27:30, remarks by U.S. Fed Vice Chair-designate Brainard. Amid a weak U.S. dollar, we will be watching the movements of the pound, which has shown resilience on the downside.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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