Watch for a possible rebound in the weakened pound

Watch for a possible rebound in the weakened pound

23.01.2025

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen. The USD/JPY pair traded between 155.358 and 156.702. It rose after finding support at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, prices reversed after touching the 200-period simple moving average (SMA), and on the daily chart, the pair is trading above the 20-period MA. The U.S. dollar continues to rise during today’s Asian trading session.

Among European currencies, the pound fell against the U.S. dollar. The GBP/USD pair dropped from 1.2376 to 1.2307. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has pulled back from the +2σ line of the Bollinger Bands, and on the daily chart, the 20-period MA is acting as a resistance level, capping the upside. We should watch to see if the pound’s weakness continues during today’s European trading session.

Today, Japan’s trade balance (customs-based) will be released at 8:50, Singapore’s Consumer Price Index at 14:00, Turkey’s Consumer Confidence Index at 16:00, France’s Business Sentiment Index at 16:45, Taiwan’s Industrial Production at 17:00, and Norway’s deposit rates at 18:00.at 8:00 PM, Turkey’s TCMB policy rate and statement; at 10:30 PM, U.S. initial jobless claims and Canada’s retail sales; at midnight, the Eurozone’s consumer confidence index; and at 1:00 AM, U.S. weekly crude oil inventories, as well as remarks by U.S. President Trump. We will be watching to see if the weakened pound sees a rebound.

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