Should we keep an eye on the pound’s upside potential against the U.S. dollar?

Should we keep an eye on the pound’s upside potential against the U.S. dollar?

29.04.2025

In yesterday's U.S. currency markets, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 103.788 to 102.590.The price fell just below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the 200-period SMA is acting as resistance, causing a pullback, while on the daily chart, the price is shifting from above the 20-period MA to below it. We will need to watch price movements during European trading hours to see if the Canadian dollar’s momentum continues to weaken.

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.3280 to 1.3442. A band walk along the +3σ line of the hourly Bollinger Bands was observed. Similarly, on the 4-hour chart, the price has extended to the +3σ line of the Bollinger Bands, and on the daily chart, the uptrend along the 10-day moving average continues.

Today’s economic indicators include the German GfK Consumer Confidence Survey at 3:00 PM, the Eurozone Money Supply at 5:00 PM, the Eurozone Consumer Confidence Survey and Eurozone Economic Sentiment at 6:00 PM, the South African Trade Balance at 9:00 PM,21:30: U.S. Wholesale Inventories; 22:00: U.S. S&P/Case-Shiller Home Price Index; 23:00: U.S. JOLTS Job Openings; and the U.S. Conference Board Consumer Confidence Index. We will be watching for further upside potential in the pound, which has risen against the U.S. dollar.

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