GBP/USD (week of 15-19/02)

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Weekly Summary

After starting the week at 1.3872, The British Pound moved up to 1.4009 (up 136 pips) .

The GBP/USD rallied 136 pips (1%) deep into the session trading at 1.4009.

A look at other markets shows behavior that usually indicates a green move for the pound/dollar as the Australian dollar is trading around 0.7872 after starting the session at 0.7773 (up 1.27%). The New-Zealand Dollar added 1.06% to its value, now trading at 0.73

At the same time, EUR/AUD is down 165 points from the beginning of the session and now trading around 1.556. The EUR/NZD is down 141 pips from the beginning of the session and now trading around 1.6746. Crude is down to $59, losing $1.52 after opening at $60.52.

Feb. 19, 2021

Pound/Dollar trades at 1.4009 after good United States Existing Home Sales data

(23:03) GMT

The British Pound today at a glance – GBP/USD spiked to 1.4009, gaining 39 pips. United States Existing Home Sales beat expectations with new data of 6.69 million.

Visual analysis of the Pound/Dollar's price graph shows the British Pound immediate resistance is around 1.4133, nearest support level is at 1.3582. Momentum evaluation shows the Relative Strength Index has fallen below 70 – exiting overbought conditions and indicating possible moderate gains or a downward correction is a head. Asset volatility analysis shows that the upper Bollinger band is at 1.4052, This is a slight indication of a slowdown. However, the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend.

Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for The Pound.

The Aussie/Dollar is up 1.27%. The New-Zealand Dollar is up 1.06%. EUR/AUD is down 165 points from the beginning of the session and now trading around 1.556.

The United Kingdom Services PMI beat expectations of 41 with new data release of 49.7. This is also a step forward from the previous data of 39.5. Data for the United Kingdom Composite PMI released today at 9:30 AM came out at 49.8, beating projections of 42.2 and showing improvement over the preceding figure of 41.2.

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