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Should We Keep a Close Eye on the Direction of the Pound, Which Is Rebounding?

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Should We Keep a Close Eye on the Direction of the Pound as It Rebounds?

07.07.2022

Today's Highlights
  1. U.S. Trade Balance
  2. U.S. Weekly Natural Gas Inventories

Yesterday, the U.S. dollar showed signs of strength against the euro, and the GBP/USD pair fell by approximately 110 pips from 1.0276 to 1.0161. The GBP/USD pair continues to decline along the 20-period moving average on the hourly chart and has been hitting new lows for the year.Since the pair has already entered a support-free zone on the weekly chart, we will need to monitor the situation closely to see if the U.S. dollar’s strength persists and drives the pair lower.

Among European currencies, the pound is trading lower amid mounting calls for British Prime Minister Johnson to step down, and the GBP/JPY pair fell by about 2.1 yen from 162.554 to 160.389.However, the pair has rebounded during today’s Asian trading session and has already broken above the 20-period moving average (MA). We will be watching closely to see if it continues to rise and reaches the 200-period simple moving average (SMA) around 164.300.

Today’s schedule includes German industrial production and UK Halifax house prices at 15:00 Asia time; the release of the minutes from the ECB Governing Council meeting and U.S. Challenger layoff announcements at 20:30 Europe time; and Canadian trade balance at 21:30 U.S. time,U.S. initial jobless claims and U.S. trade balance; at 22:00, remarks by a member of the UK’s MPC; at 23:00, the Canadian Ivey Purchasing Managers’ Index; at 23:30, U.S. weekly natural gas inventories; at 24:00, U.S. weekly crude oil inventories;at 25:05, remarks by UK MPC member Pill; and at 26:00, remarks by U.S. St. Louis Fed President Bullard are scheduled. We will be closely monitoring the direction of the pound, which is rebounding and rising.

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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