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Attention Turns to Upside Potential for GBP/USD After Rebound

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Attention Turns to Upside Potential for GBP/USD After Rebound

21.01.2025

Today's Highlights
  1. Canada: Consumer Price Index
  2. UK Employment Statistics

In U.S. currency trading yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 107.754 to 109.010. The candlestick extended significantly up to the 200-period EMA line on the hourly chart.On the 4-hour chart, the RSI has recovered from 38 to 53. However, during today’s Asian session, the Canadian dollar has faced resistance at higher levels and has broken below yesterday’s low, so we should pay close attention to price movements during the U.S. trading session.

Among European currencies, the pound rose sharply against the U.S. dollar. The GBP/USD pair climbed from 1.2160 to 1.2343. The price broke above the resistance line formed by the 200-period SMA on the hourly chart with a real body candle.On the 4-hour chart, the pair has surpassed last week’s high, and on the daily chart, it has rebounded from the -2σ Bollinger Band and returned to the vicinity of the centerline. We will be watching price movements during European trading hours to see if the pound’s momentum holds.

Today’s economic indicators include the UK ILO Unemployment Rate and UK Employment Statistics at 16:00, the Hong Kong Consumer Price Index at 17:30, and at 19:00, the GermanZEW Economic Sentiment Index, and the Eurozone ZEW Economic Sentiment Index at 19:00; the Canadian Consumer Price Index at 22:30; the South Korean Consumer Confidence Index at 6:00 the following day; and the New Zealand Consumer Price Index at 6:45. We’ll be watching for upside potential in the GBP/USD pair, which has rebounded.

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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Will currency strength and weakness become clear? Keep a close eye on price movements during U.S. trading hours.
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