Attention Turns to the Potential for a Rebound in the Pound-Dollar Pair After Further Declines
15.07.2025
- UK BRC Same-Store Sales
- U.S. New York Fed Manufacturing Index
In the U.S. currency market yesterday, the U.S. dollar traded in a back-and-forth pattern against the euro. The EUR/USD pair fluctuated between 1.1654 and 1.1697, remaining throughout the session at levels straddling the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair is facing resistance at the 20-period moving average (MA), while on the daily chart, it is currently attempting to break below the 20-MA support line. We will need to monitor the direction closely to see if the battle between bulls and bears continues during today’s U.S. trading session.
Among European currencies, the pound continued to fall against the U.S. dollar. The GBP/USD pair fell from 1.3503 to 1.3424. The decline came as the pair encountered resistance at the 20-period moving average on the hourly chart.On the 4-hour chart, the pair is moving along the -2σ line of the Bollinger Bands, and on the daily chart, it has nearly offset the sharp rally seen in the latter half of last month.
Today’s economic indicators include the UK BRC same-store sales at 8:01, the Australian Westpac Consumer Confidence Index at 9:30, the German ZEW Economic Sentiment Index and the Eurozone ZEW Economic Sentiment Index at 18:00, along with Eurozone industrial production, Canadian manufacturing sales at 21:30,U.S. Consumer Price Index, U.S. New York Fed Manufacturing Index, and Canadian Consumer Price Index at 9:30 p.m.; Canadian Existing Home Sales at 10:00 p.m.; remarks by U.S. Federal Reserve Chairman Barr at 1:45 a.m.; and remarks by U.S. Richmond Fed President Barkin at 2:00 a.m.We will cautiously monitor the potential for a rebound in the GBP/USD pair, which has continued to decline.
Author: Keisuke Sakurai
