search

An incredible cashback rate!
40% of the spread!

Join Now

Market Participants May Keep a Close Eye on the Pound as Resistance Levels Strengthen

Market Report

  1. homeHOME
  2. Market Report
  3. Market Participants May Keep a Close Eye on the Pound as Resistance Levels Strengthen

Market Participants May Keep a Close Eye on the Pound as Resistance Levels Strengthen

10.05.2024

Today's Highlights
  1. UK Real GDP
  2. Japan Economic Watchers Survey

In the U.S. currency market yesterday, the U.S. dollar weakened against other currencies after the number of new U.S. unemployment insurance claims, released yesterday, rose to 231,000 from the previous figure of 208,000. The EUR/USD pair rose from 1.0723 to 1.0785.The pair rebounded as the 200-period simple moving average (SMA) on the hourly chart acted as support. On the 4-hour chart, a rebound from the 75-period SMA was observed, and on the daily chart, the 200-period SMA is currently acting as resistance above the price. We will be watching closely to see if the U.S. dollar strengthens during U.S. trading hours.

Among European currencies, the pound weakened during U.S. trading hours. The euro/pound pair rose from 0.8590 to 0.8620. The 75-period moving average (MA) on the hourly chart acted as a support level, triggering a rebound.On the 4-hour chart, a steady rise along the 20-period moving average continues, and on the daily chart, the price has broken above the 200-period simple moving average with a real body candle. We will be watching price action during European trading hours to see if the pound continues to weaken against the euro.

Today’s schedule includes the Japan Household Expenditure Survey at 8:30, Japan’s Balance of Payments at 8:50, Malaysia’s Industrial Production at 13:00, Japan’s Economic Watchers Survey at 14:00, the UK’s Real GDP at 15:00,Norway’s Consumer Price Index and UK Industrial Production, at 16:00 Turkey’s Industrial Production, at 20:15 remarks by UK MPC Member Pill, at 21:00 India’sIndustrial Production, Mexico’s Industrial Production; at 21:30, Canada’s Employment Report; at 22:00, remarks by U.S. Federal Reserve Governor Bowman; at 23:00, the U.S. University of Michigan Consumer Sentiment Index; and at 26:00, remarks by U.S. Federal Reserve Vice Chair Barr.We will carefully monitor the movement of the pound, which has faced resistance at higher levels.

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.

Previous Article

All eyes are on whether the Swiss franc—now the world’s strongest currency—will continue to rise.

Next Article

Concerns Over Further Downside Potential for the Pound Against the U.S. Dollar
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent for every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours).

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for 4 hours.

Return to Notification Settings