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Should We Keep an Eye on the Pound, Which Is Falling Sharply?

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Should We Keep an Eye on the Pound, Which Is Falling Sharply?

25.04.2022

Today's Highlights
  1. UK CBI Business Survey
  2. Remarks by BOC Governor McClem of Canada

Last weekend, the U.S. dollar strengthened, with the Dollar Index rising to 101, while the EUR/USD pair fell by about 70 pips from 1.058 to 1.077. Since the EUR/USD pair is now approaching the 1.075 level—which has served as support on two recent occasions—it will be interesting to see if it rebounds again.

Among European currencies, the pound saw a significant decline, with the GBP/USD pair falling approximately 240 pips from 1.303 to 1.279.Unlike the GBP/JPY pair, the GBP/USD pair shows no clear support line on the daily chart, and since it has broken well below the lower boundary of the descending channel at 1.289 with a real-body candle, traders should be on guard for further declines.

Today, at 16:00 European time, Turkey’s Economic Sentiment Index and Capacity Utilization Rate will be released; at 17:00, Germany’s IFO Business Climate Index; and at 19:00, the UK’sCBI Business Survey, at 21:30 U.S. time, the U.S. Chicago Fed National Activity Index; at 23:30, the U.S. Dallas Fed Manufacturing Activity Index; and at 24:00, remarks by BOC Governor McClem of Canada. We will be watching to see how the pound performs at the start of the week.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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All eyes are on the GBP/JPY pair, which fell 3 yen from the 165-yen range in a single day
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