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Should We Focus on Upside Potential for the Pound-Dollar Pair, Which Has Rebounded?

Market Report

Should We Focus on Upside Potential for the Pound-Dollar Pair, Which Has Rebounded?

21.01.2025

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

In U.S. trading yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 107.754 to 109.010. The candlestick extended significantly up to the 200-period EMA on the hourly chart.On the 4-hour chart, the RSI has recovered from 38 to 53. However, during today’s Asian trading 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 U.S. trading hours.

Among European currencies, the pound rose sharply against the U.S. dollar. The GBP/USD pair rose 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 is now returning toward 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 keeping an eye on the upside potential for 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.

Previous Article

With the final reading of the Eurozone Consumer Price Index holding steady at 2.4%, will the market take a wait-and-see approach regarding the euro’s movements?

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Will the strength or weakness of currencies become clear? Keep a close eye on price movements during U.S. trading hours.
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