Will the rising pound enter a corrective decline? We’ll be watching closely.

Will the rising pound enter a corrective decline? We’ll be watching closely.

21.11.2022

In the U.S. currency market last weekend, the Canadian dollar was the weakest currency from European to U.S. trading hours. The CAD/JPY pair fell by approximately 100 pips, from 105.416 to 104.339.A descending triangle is forming on the 4-hour chart, with the upper boundary gradually lowering. If this downward trend continues into U.S. trading hours, there is a risk of breaking below the current support level at 104.353, so caution is advised regarding further downside potential.

Among European currencies, the pound, which had been firm against the U.S. dollar, consolidated near the upper boundary of its uptrend line. GBP/USD traded within a range of 1.1854–1.1948 as it sought direction, with price action hovering around the 20-period moving average (MA) on the hourly chart throughout the day.During today’s Asian session, the pair broke below the hourly 20-MA and fell to 1.1845. Since GBP/USD is also breaking below the 20-MA on the 4-hour chart, we will be watching to see if it falls to the recent 4-hour low of 1.1764.

Today, at 16:00 CET, Germany’s Producer Price Index and Sweden’s Capacity Utilization Rate will be released; at 17:00, Turkey’s Foreign Visitor Arrivals; at 17:30, Hong Kong’s Consumer Price Index; at 18:05, remarks byremarks by BOE Deputy Governor Kanrif, and during U.S. trading hours at 22:30, the U.S. Chicago Fed National Activity Index; at 23:30, Turkey’s central government debt; at 25:30, the U.S. 2-year Treasury auction; at 26:30, remarks by German Bundesbank President Nagel; and at 27:00, the U.S. 5-year Treasury auction.We will be watching closely to see if the pound, which had been rising, enters a corrective decline.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?