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Will the pound, which has fallen against the U.S. dollar, recover? All eyes are on its direction.

Market Report

Will the pound, which has fallen against the U.S. dollar, recover? All eyes are on its direction.

05.02.2026

Today's Highlights
  1. UK: BOE Policy Rate and Statement Release
  2. Europe: ECB Policy Rate and Statement Release

In yesterday’s U.S. currency trading, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.1838 to 1.1790. It moved from above the 20-period moving average (MA) on the hourly chart to below it.On the 4-hour chart, the pair is pulling back as it faces resistance at the 20-period moving average (MA), and on the daily chart, it is currently teetering on the brink of breaking below the 20-MA, which had previously served as support. Furthermore, as the pair has continued to test lower levels during today’s Asian session, traders should be on guard for a potential weakening of the euro during the European session.

Among European currencies, the pound fell against the U.S. dollar ahead of today’s Bank of England (BOE) policy rate announcement. The GBP/USD pair fell from 1.3733 to 1.3642.On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price continues to decline just below the 75-period MA, and on the daily chart, it has already fallen to around the midpoint of last month’s gains. The price has broken below the 10-period MA—which had been acting as support—with a real body candle.

Today’s economic indicators include remarks by U.S. Federal Reserve Governor Cook at 8:30, Australia’s trade balance at 9:30, Germany’s manufacturing orders at 16:00, and France’sIndustrial Production, and France’s Manufacturing Production Index; at 18:30, the UK’s Construction PMI; at 19:00, Eurozone Retail Sales; at 21:00, the UK’sBOE policy rate and statement, 9:30 p.m. UK: BOE Governor Bailey’s press conference and U.S. Challenger layoff announcements, 10:15 p.m. Eurozone: ECB policy rate and statement, 10:30 p.m. U.S. initial jobless claims, 10:45 p.m. Eurozone:ECB President Lagarde’s press conference at 24:00, U.S. JOLTS Job Openings at 24:30, U.S. weekly natural gas inventories at 26:40, and remarks by BOC Governor McClem at 26:40. We will be closely watching for signs of a potential recovery in the pound, which has fallen against the U.S. dollar.

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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