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 yesterday's U.S. trading session, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 107.657 to 108.248, moving along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, price action has remained within the 20-MA, while on the daily chart, the 10-MA has acted as a support level, leading to another price rise.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 decline against the U.S. dollar. The GBP/USD pair fell 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-day 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 price has broken below the 10-day MA, which had been acting as support. We will be watching closely to see if the price finds support at the next level, the 20-day MA, and rebounds.
Today’s economic indicators include South Africa’s money supply at 3:00 PM, UK consumer credit balances, UK money supply, and UK investment in mortgage-backed securities at 5:30 PM, US wholesale inventories at 9:30 PM,at 10:00 PM: US Housing Price Index, US S&P/Case-Shiller Home Price Index, and US Housing Price Index; at 11:00 PM: US JOLTS Job Openings and US Conference Board Consumer Confidence Index; and at 2:00 AM: US 7-Year Treasury Auction. We will closely monitor the potential for a recovery in the GBP/USD pair, which has been on a downward trend.
Author: Keisuke Sakurai
