Market participants may be waiting to see how much further the GBP/USD pair can rise after its rebound

Market participants may be waiting to see how much further the GBP/USD pair can rise after its rebound

24.11.2025

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 declined from 70 to 59.

Among European currencies, the pound rose against the U.S. dollar.GBP/USD rose from 1.3038 to 1.3109. On the hourly chart, the price has moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the price has rebounded from the -2σ line of the Bollinger Bands to the centerline, and on the daily chart, it is currently shifting toward a reversal without quite breaking below this month’s low. We will be closely monitoring price movements to see if the pound’s momentum holds during European trading hours at the start of the week.

Today’s economic indicators include the German IFO Business Climate Index at 6:00 PM, remarks by ECB President Lagarde at 11:45 PM, the Dallas Fed Manufacturing Activity Index at 12:30 AM, remarks by German Bundesbank President Nagel at 2:45 AM, and a U.S. 2-year Treasury auction at 3:00 AM. No other major economic indicators or key speeches are scheduled.Please note that Japanese markets are closed today due to a national holiday. We will cautiously monitor the upside potential of the GBP/USD pair, which has rebounded.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed