Will attention focus on the pound’s ability to recover from its sharp decline?

Will attention focus on the pound’s ability to recover from its sharp decline?

19.07.2024

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen after the U.S. June Leading Economic Index, released yesterday, improved to -0.2% from -0.5% the previous month. The USD/JPY pair rose from 155.369 to 157.408, recovering from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, USD/JPY is positioned just below the 20-period moving average (MA), while on the daily chart, it has rebounded from around the 75-period MA. We will be watching closely to see if the US dollar continues to rebound against the yen.

Among European currencies, the pound was the weakest. The GBP/USD pair fell from 1.3012 to 1.2936. The decline followed the 10-period moving average on the hourly chart. On the 4-hour chart, the pullback from the +3σ level of the Bollinger Bands continues, while on the daily chart, the RSI has fallen from 73. We will be watching closely to see if the pound continues to weaken against the U.S. dollar.

Today’s economic indicators include the UK GfK Consumer Confidence Survey at 8:01, Japan’s National Consumer Price Index at 8:30, remarks by Fed Governor Bowman at 8:45, UK Retail Sales and Germany’s Producer Price Index at 15:00, Canada’s Retail Sales, Industrial Production, and Raw Materials Price Index at 21:30, and remarks by Williams:Remarks by NY Fed President Williams, and at 26:00, remarks by US Atlanta Fed President Bostic. I want to carefully assess the pound’s potential for recovery following its sharp decline.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

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

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed