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Will Market Participants Keep a Close Eye on the Pound’s Resilience Amid Its Sharp Decline?

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Will Market Participants Keep a Close Eye on the Pound’s Resilience Amid Its Sharp Decline?

19.07.2024

Today's Highlights
  1. UK GFK Consumer Confidence Survey
  2. U.S. – Williams: Remarks by the President of the New York Fed

In the U.S. currency market yesterday, 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 trading just below the 20-period moving average (MA), while on the daily chart, it has rebounded from near the 75-period MA. We will be closely monitoring whether the U.S. 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 declined 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 at 15:00,Germany’s Producer Price Index, 21:30: Canada’s Retail Sales and Industrial Production, and Canada’s Raw Materials Price Index, 23:40: Remarks by U.S. Federal Reserve Governor Williams (President of the New York Fed), and 26:00: Remarks by U.S. Federal Reserve Governor Bostic (President of the Atlanta Fed).I want to carefully assess the pound’s potential for recovery following its sharp decline.

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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