Attention may turn to the pound’s upside following the agreement on trade rules for Northern Ireland

Attention may turn to the pound’s upside following the agreement on trade rules for Northern Ireland

28.02.2023

Yesterday, the U.S. dollar weakened against the pound, with GBP/USD rising by approximately 130 pips from 1.1922 to 1.2066. GBP/USD has been rising after breaking above the 200-period SMA on the hourly chart and has broken well above the 20-period MA on the 4-hour chart. However, as the pair is currently trading just below the 75-period MA on the 4-hour chart, this level could act as resistance, so we need to closely monitor the direction of the trend.

Among European currencies, the euro weakened against the pound, with the EUR/GBP pair falling from 0.8835 to 0.8788. The pound rose across the board yesterday on positive sentiment following an agreement between the UK, the EU, and Northern Ireland to resolve friction over trade rules. Since the EUR/GBP pair is showing a triple top pattern on the daily chart, we should remain cautious about further declines just in case.

Today’s schedule includes Turkey’s Q4 GDP at 4:00 PM, France’s CPI and Q4 GDP at 4:45 PM, Switzerland’s KOF Leading Index at 5:00 PM, remarks by Bank of England Deputy Governor Kanrif at 7:15 PM, remarks by MPC member Pill at 9:15 PM, and remarks by MPC member Mann at 9:30 PM.MPC member Mann’s remarks at 9:30 PM, Canada’s GDP and U.S. wholesale inventories at 10:30 PM, the U.S. S&P Case-Shiller Home Price Index at 11:00 PM, the U.S. Chicago PMI at 11:45 PM, and the U.S. Consumer Confidence Index at midnight. We will be watching the upside potential of the pound, which has been bought on the back of the agreement on trade rules for Northern Ireland.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

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

7. 13.04.2026

   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. 10.04.2026

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

9. 09.04.2026

   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. 08.04.2026

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