Will the weak pound rebound? All eyes are on price movements during U.S. trading hours.

Will the weak pound rebound? All eyes are on price movements during U.S. trading hours.

11.03.2025

The previous day, the U.S. dollar saw a back-and-forth movement against the euro. The EUR/USD pair traded between 1.0804 and 1.0873, with price action fluctuating around the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair continues to trade above the 20-period moving average, while on the daily chart, the RSI has reached 73 and has broken through the upper resistance zone formed by the 200-period SMA in one go. We will need to monitor the direction closely to see if a temporary correction occurs on the longer-term timeframes during European trading hours.

Among European currencies, the pound weakened, following the trend set by Oceania currencies. The GBP/JPY pair fell from 191.086 to 189.189.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 200-period simple moving average (SMA), and on the daily chart, the 200-period exponential moving average (EMA) is acting as a resistance level. We will be watching closely to see if the pound’s weakness continues during U.S. trading hours.

Today’s economic indicators include: at 8:30, Japan’s Household Expenditure Survey and Australia’s Westpac Consumer Confidence Index; at 8:50, Japan’s second preliminary estimate of real GDP, Japan’s GDP deflator, and Japan’s money supply; at 9:01, the UK’s BRC same-store sales; at 9:30, Australia’sNAB Business Conditions Index; at 15:00, Japan’s Machine Tool Orders; at 19:00, the U.S. NFIB Small Business Optimism Index; at 23:00, the U.S. JOLTS Job Openings; and at 26:00, a U.S. 3-year Treasury auction.We’ll be watching price movements during U.S. trading hours to see if the pound, which has been trading lower, can stage a recovery.