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Will We See a Rebound? Keep an Eye on the Pound-Dollar Pair’s Resilience

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Will We See a Rebound? Keep an Eye on the Pound-Dollar Pair’s Resilience

23.04.2024

Today's Highlights
  1. U.S. 2-Year Treasury Auction
  2. Germany: Manufacturing/Services PMI

In U.S. currency trading the previous day, the Canadian dollar rose against the yen after Canada’s March industrial producer prices, released yesterday, rose by 0.1 percentage points to 0.8% from the previous month’s 0.7%. The CAD/JPY pair rose from 112.232 to 113.104, forming an uptrend along the 20-period moving average on the hourly chart.On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands was observed, and on the daily chart, the RSI remains just below 70 with some room to spare; therefore, we should keep an eye on the potential for further movement during U.S. trading hours.

Among European currencies, the pound weakened during U.S. trading hours. The GBP/USD pair fell for the third consecutive day, dropping from 1.2391 to 1.2298.On the 4-hour chart, the pair is trading below the 20-period moving average (MA) and continues to trend lower, while on the daily chart, the 10-period MA is acting as resistance. Additionally, the daily RSI has fallen below 70 to 27. We will carefully monitor the market to see if the pound shows any signs of recovery during European trading hours.

Today’s economic indicators include the French Manufacturing/Services PMI at 16:15, the German Manufacturing/Services PMI at 16:30, the Eurozone Manufacturing/Services PMI at 17:00, and the UKManufacturing/Services PMI at 17:30, remarks by UK MPC member Pill at 20:15, remarks by German Bundesbank President Nagel at 21:30, U.S. Manufacturing/Services PMI at 22:45,at 11:00 PM, U.S. new home sales and the Richmond Fed Manufacturing Index; at 2:00 AM, a U.S. 2-year Treasury auction; and at 7:45 AM the following day, New Zealand’s trade balance. We will be closely monitoring the resilience of the GBP/USD pair to see if a rebound is in store.

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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