Market participants may be waiting to see how much further the GBP/USD pair can rise after its rebound
24.11.2025
- Remarks by ECB President Lagarde
- Dallas Fed Manufacturing Activity Index
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% in 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-day 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 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.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 Bollinger Band to the centerline, and on the daily chart, it is in the process of reversing without quite breaking 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 calendar includes 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.
Author: Keisuke Sakurai
