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

Market Report

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 index rose to 101, and the EUR/USD pair fell by about 70 pips from 1.058 to 1.077. With the EUR/USD pair 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 significantly below the lower boundary of the downtrend channel at 1.289 with a real-body candle, traders should be on guard for further declines.

Today, during European trading hours, the Turkish Economic Sentiment Index and Capacity Utilization Rate will be released at 16:00, followed by the German IFO Business Climate Index at 17:00, and the UK’sCBI Business Survey, the U.S. Chicago Fed National Activity Index at 21:30 U.S. time, the U.S. Dallas Fed Manufacturing Activity Index at 23:30, and remarks by BOC Governor Macleem at 24:00. We’ll 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 focused primarily on foreign exchange markets and has experience as an asset management advisor. He specializes in technical and fundamental analysis, drawing on his extensive experience.

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