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Market Participants May Wait to See How Much Further the Pound-Dollar Pair Can Rise After Its Rebound

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Market Participants May Wait and See on Upside Potential for the Pound-Dollar Pair After a Rebound

24.11.2025

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Dallas Fed Manufacturing Activity Index

In the U.S. currency markets last weekend, the Canadian dollar fell against the yen after Canada’s September retail sales figures, released on the 21st, showed a decline from 1.0% the previous month to -0.7%, missing market expectations of -0.6%.The CAD/JPY pair fell from 111.818 to 110.602. It temporarily broke below the 200-period SMA support line along the 10-period MA on the hourly chart.On the 4-hour chart, the price has pulled back from the +2σ to the -2σ levels of the Bollinger Bands, and on the daily chart, the RSI has fallen from 70 to 59.

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.3038 to 1.3109. It moved from below the 20-period moving average on the hourly chart to above it.On the 4-hour chart, the pair has rebounded from the -2σ Bollinger Band to the centerline, and on the daily chart, it is in the process of reversing course without quite breaking below this month’s low. We will be closely monitoring price action to see if the pound can maintain its momentum during European trading hours at the start of the week.

Today's economic indicators include the GermanIFO Business Climate Index at 18:00, remarks by ECB President Lagarde at 23:45, the Dallas Fed Manufacturing Activity Index at 24:30, remarks by German Bundesbank President Nagel at 26:45, and a U.S. 2-year Treasury auction at 27:00.No other major economic indicators or remarks by key officials are scheduled. Please note that the Japanese market is closed today due to a national holiday. We will cautiously monitor the upside potential of the GBP/USD pair, which has rebounded.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Will the pound, which has been gaining against the U.S. dollar, continue its upward trend? Keep an eye on price movements during European trading hours.
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