GBP/USD (week of 29-02/04)

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Weekly Summary

The British Pound is trading around 1.3835 after starting the week at 1.3791 (up 0.32%) .

After dipping down to 1.3705, GBP/USD regains earlier losses, reaching 1.3835 (Trade Pound/Dollar with FXTM now).

A look at other markets also shows green moves as EUR/AUD hits a 3 year low, as it drops to 1.5225 after a 1 year hiatus, Yen is back at 110.97 levels.

At the same time, GBP/NZD hit 1.9822, highest rate in 7 months. At 0.8488, Euro/Pound is down to its lowest value in 1 year. At 1.17, Euro/Dollar is down to its lowest value in 5 months and a half.

Apr. 2, 2021

Is the bullish run coming to an end? Pound/Dollar ranges around 1.3835

(23:03) GMT

While GBP/USD is on a 9 days up trend Today's session might suggest a slow down – a mostly flat day so far for the Pound/Dollar ranging between 1.3853 and 1.381 and is now at 1.3835.

This in-between state for the British Pound is reflected by market data published as United Kingdom Manufacturing PMI comes out at 58.9, above the estimate of 57.9. This is also a step forward from the previous data of 55.1. United Kingdom CFTC GBP speculative net positions were released today at 8:30 PM with a figure of 25,000, This is better than the previous number of 21,800. Data for United States Non Farm Payrolls released today at 12:30 PM came out at 916,000, beating projections of 647,000 and showing improvement over the preceding figure of 468,000.

In terms of trend indicators, we can see that at 1.3846, the Pound made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend.

Overall, looking at the technical analysis landscape, it seems the British Pound might start pointing upward in the short term.

While the British Pound is pretty flat so far today, mixed performances are seen elsewhere as a new all-time high for S&P as it reaches 4,020.63. After 2 years, pound/yen hit a fresh high at 153.08.

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