All eyes are on whether the pound, which is facing resistance at higher levels, will fall against various currencies

All eyes are on whether the pound, which is facing resistance at higher levels, will fall against various currencies

26.09.2023

In the U.S. currency market yesterday, the U.S. dollar rose as U.S. Treasury yields increased. The GBP/USD pair fell from 1.2249 to 1.2193, hitting a new six-month low. Furthermore, the GBP/USD has broken below the recent weekly low of 1.12307 with a real body candle, and on the monthly chart, it has rebounded after hitting resistance at the 75-day moving average; therefore, we should remain vigilant for the possibility of a continued decline.

Like the euro, European currencies faced resistance, causing GBP/JPY to trade in a range between 181.396 and 181.942. GBP/JPY moved within a narrow 50-pip range, trading in a trendless pattern centered around the 20-period moving average (MA) on the hourly chart. Furthermore, GBP/JPY has shown no significant movement during today’s Asian session, and the direction remains unclear.From a technical perspective, since the pair is trading below the 4-hour 20-MA, we should remain cautious of a potential breakdown in the pound during European trading hours.

Today, at 3:00 PM, Sweden’s Producer Price Index; at 3:30 PM, Hungary’s Current Account Balance; at 4:00 PM, South Africa’s Leading Indicator; at 5:30 PM, Hong Kong’s Trade Balance;at 9:00 PM, Brazil’s Consumer Price Index, Hungary’s policy rate, and U.S. building permits; at 10:00 PM, the U.S. S&P/Case-Shiller Home Price Index; at 11:00 PM, the U.S. Consumer Confidence Index and the U.S. Richmond Fed Manufacturing Index; and at 2:00 AM, a U.S. 2-year Treasury auction.We will be watching closely to see if the pound, which is facing resistance on the upside, will decline against various currencies.

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