Market Participants Are Cautiously Monitoring the Potential for a Rebound in the GBP/USD Pair, Which Has Been Falling for Some Time
29.07.2025
- UK Consumer Credit Balances
- U.S. JOLTS Job Openings
In U.S. currency trading yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 107.657 to 108.248, with prices moving along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, price action has remained within the range of the 20-period moving average, while on the daily chart, the 10-period moving average has acted as a support level, and prices are rising once again. We will be watching for upside potential to see if the Canadian dollar continues to rise during today’s U.S. trading session.
Among European currencies, the pound continued to fall against the U.S. dollar. The GBP/USD pair dropped from 1.3452 to 1.3350. A band walk along the -2σ line of the hourly Bollinger Bands was observed.On the 4-hour chart, the downtrend along the 10-period moving average (MA) continues, and on the daily chart, the pair has hit a new low for the month. The RSI has fallen to 37. Looking at the weekly chart, the pair has broken below the 10-period MA, which had been acting as support; therefore, we will be watching closely to see if it finds support at the 20-period MA and rebounds.
Today’s economic indicators include South Africa’s money supply at 15:00, the UK’s consumer credit balance, money supply, and investment in mortgage-backed securities at 17:30, U.S. wholesale inventories at 21:30,at 22:00, the U.S. Housing Price Index and the S&P/Case-Shiller Home Price Index; at 23:00, U.S. JOLTS Job Openings and the Conference Board Consumer Confidence Index; and at 26:00, a U.S. 7-year Treasury auction.We will be closely monitoring the potential for a rebound in the GBP/USD pair, which has been on a downward trend.
Author: Keisuke Sakurai
