Should We Keep an Eye on the Pound’s Upside Potential Against the U.S. Dollar?
29.04.2025
- U.S. Wholesale Inventories
- U.S. JOLTS Job Openings
In U.S. currency trading the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair fell from 103.788 to 102.590.The price fell to just below the 200-period 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’ll need to keep an eye on price action 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-period moving average (MA) is continuing.
Today’s economic indicators include the German GfK Consumer Confidence Survey at 3:00 p.m., the Eurozone Money Supply at 5:00 p.m., the Eurozone Consumer Confidence Survey and Eurozone Business Climate at 6:00 p.m., the South African Trade Balance at 9:00 p.m.,at 9:30 PM, U.S. Wholesale Inventories; at 10:00 PM, the U.S. S&P/Case-Shiller Home Price Index; at 11:00 PM, U.S. JOLTS Job Openings; and the U.S. Conference Board Consumer Confidence Index. We will be watching to see if the pound, which has risen against the U.S. dollar, can extend its gains.
Author: Keisuke Sakurai
