Will we see a rebound? Keep an eye on the GBP/USD pair’s potential for recovery
23.04.2024
- U.S. 2-Year Treasury Auction
- Germany: Manufacturing/Services PMI
In yesterday’s U.S. currency trading, the Canadian dollar rose against the yen after Canada’s March industrial production index, released yesterday, rose by 0.1 percentage points from the previous month’s 0.7% to 0.8%. 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 has been confirmed, and on the daily chart, the RSI is hovering just below 70 with some room to spare, so we should keep an eye on the remaining momentum 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.It fell from 1.2391 to 1.2298. On the 4-hour chart, the pair is trending downward below the 20-day moving average (MA), while on the daily chart, the 10-day MA is acting as resistance. Additionally, the daily RSI has fallen below 70 to 27. We will closely monitor the market to see if the pound shows any resilience during European trading hours.
Today’s economic indicators include the French Manufacturing/Services PMI at 4:15 PM, the German Manufacturing/Services PMI at 4:30 PM, the Eurozone Manufacturing/Services PMI at 5:00 PM, the UK Manufacturing/Services PMI at 5:30 PM, remarks by MPC member Pill at 8:15 PM, and at 9:30 PM, remarks byremarks by German Bundesbank President Nagel, at 10:45 PM the US Manufacturing/Services PMI, at 11:00 PM US New Home Sales and the Richmond Fed Manufacturing Index, at 2:00 AM the US 2-year Treasury auction, and at 7:45 AM the next day the NZ Trade Balance. We will be closely watching the resilience of the GBP/USD pair to see if a rebound is in store.
Author: Keisuke Sakurai
Past Market Reports
17.04.2026
Will the market wait and see how much further the U.S. dollar can rise against the yen?
16.04.2026
Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.
15.04.2026
Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar
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?
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
10.04.2026
Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?
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?
08.04.2026
Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?
07.04.2026
Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran
06.04.2026
Investors should be wary of sudden spikes in volatility while major markets are closed
