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Attention is turning to the upside potential of the pound, which has recovered against the U.S. dollar

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Attention is turning to the upside potential of the pound, which has recovered against the U.S. dollar

20.03.2026

Today's Highlights
  1. Germany: Producer Price Index
  2. Wholesale and Retail Sales

In yesterday’s U.S. currency trading, the Canadian dollar fell against the yen following the BOC announcement. The CAD/JPY pair dropped from 116.499 to 114.732. A downtrend developed along the -2σ line of the hourly Bollinger Bands.On the 4-hour chart, the price has fallen just below the 200-SMA. On the daily chart, the price has broken below the 20-MA support line with a real body candle, and the RSI has dropped from 63 to 47.

European currencies rose as the pound gained against the U.S. dollar following yesterday’s Bank of England (BOE) monetary policy meeting, where the policy rate was kept unchanged at 3.75%.GBP/USD rose from 1.3245 to 1.3466. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the price surged to just below the 200-period exponential moving average (EMA), while on the daily chart, it broke below the 200-period simple moving average (SMA) and is now attempting to retest it.

Today's economic indicators include New Zealand's trade balance at 6:45 a.m.,at 4:00 PM: UK Public Sector Net Debt and German Producer Price Index; at 7:00 PM: Eurozone Current Account and Eurozone Trade Balance; at 8:00 PM: UK CBI Business Survey; at 9:30 PM: Canadian Retail Sales, Canadian Industrial Product Prices, and Canadian Raw Materials Price Index; and at 2:30 AM: Remarks by German Bundesbank President Nagel.Please note that the Japanese market is closed today due to a public holiday. We will be watching for further upside potential in the pound, which has recovered against the US dollar.

桜井 慶介

Author: Keisuke Sakurai

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

Previous article

Will the pound, which has fallen against the U.S. dollar, extend its decline? Keep an eye on price movements during European trading hours.

Next Article

Caution over the upside potential of the U.S. dollar against the yen

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

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