Should we be wary of whether the rising pound will continue to climb?

Should we be wary of whether the rising pound will continue to climb?

13.03.2023

Last weekend, the U.S. dollar fell sharply following the release of February’s employment report, which showed a slight rise in the unemployment rate and a slowdown in average wage growth. The EUR/USD pair rose by approximately 120 pips from 1.0573 to 1.0699, breaking above the 20-day moving average once again.The EUR/USD pair has continued to rise during today’s Asian session, already touching 1.0736. We will need to closely monitor whether the US dollar’s strength carries over into the US session.

Among European currencies, the pound strengthened against the U.S. dollar, with GBP/USD rising by approximately 200 pips. GBP/USD climbed from 1.1906 to 1.2113. An uptrend has formed, with the 10-period moving average (MA) on the hourly chart acting as support. On the higher-timeframe 4-hour chart, the pair has broken above the 200-period moving average (SMA) and has also broken through the resistance zone at the recent high.Following last weekend’s rally, the pair has entered a range-bound market on the daily chart, with a lower bound of 1.1802 and an upper bound of 1.2407. It will be worth watching whether the pound maintains its strength after a period of consolidation.

Today, at 4:00 p.m. CET, Turkey’s current account balance,at 21:00, India’s Consumer Price Index and Mexico’s Industrial Production; and during U.S. trading hours, the U.S. Employment Trends Index at 23:00, the U.S. 6-month Treasury bill auction at 24:30, remarks by UK MPC member Dingra at 27:05, and South Korea’s export price inflation rate and import price inflation rate at 30:00.I want to carefully monitor price movements during U.S. trading hours to see if the rising pound will continue to gain ground.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 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

5. 15.04.2026New

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

6. 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

7. 13.04.2026

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

8. 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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran