GBP/USD (week of 31-04/06)

Advertiser Disclaimer
Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Weekly Summary

The British Pound erases gains after it rallies beyond 1.4249 for the first time in 3 years, trading at 1.416 .

A bearish end to the trading week, GBP/USD is down to 1.416 after having started the week at 1.4181, overall a 0.15% move or 21 pips today. (Start trading The British Pound at FXTM today).

This downslide might be related to financial indicators data published earlier as United Kingdom Manufacturing PMI fall short of the 66.1 projections, with 65.6 and continued its downward trajectory from previous figure of 66.1.

In contrast, positive data for The British Pound reported earlier when United Kingdom Construction PMI comes out at 64.2, above the estimate of 62.3. This is also a step forward from the previous data of 61.6. United Kingdom Services PMI beats expectations of 61.8 with new data release of 62.9. This is also a step forward from the previous data of 61.8.

In the meantime negative performances are also seen in other symbols, USD/SGD dropped to 1.3185, hitting a 3 months low. Aussie/Dollar hits a 6 weeks low, as it drops to 0.7642.

Positive performance however can be seen looking at other symbols as after 4 months, EUR/NZD hits a fresh high at 1.701. EUR/AUD climbs to a new 4 months high at 1.5851. Dollar/Yen hits 110.33, highest price in 2 months.

Jun. 4, 2021

Pound/Dollar up 0.38% to 1.416 after 12 days of trading sideways

(23:03) GMT

While The Pound is trading sideways for 12 days Todays session shows some improvement: hesitant but green: from an earlier low of 1.4083, The British Pound is up to 1.416 gaining 54 pips compared to the 1.4105 start of the day (0.38%).

The British Pound green move comes while some more encouraging signs are out as data for United Kingdom Construction PMI released today at 8:30 AM comes out at 64.2, beating projections of 62.3 and showing improvement over the preceding figure of 61.6. United Kingdom Services PMI beats expectations of 61.8 with new data release of 62.9. This is also a step forward from the previous data of 61.8. United Kingdom Composite PMI comes out at 62.9, above the estimate of 62. This is also a step forward from the previous data of 62.

As the day reaches an end a chart visual study suggests The Pound immediate resistance is around 1.4172, nearest support level is at 1.4052. In terms of trend indicators, we can see that at 1.4139, The British Pound made an initial breakout above 21 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the upper Bollinger band is at 1.4235, this is a slight indication of a slowdown.

Overall, the technical analysis picture suggests Pound/Dollar is neutral for the immediate future, with no clear-cut direction.

The British Pound shows positive signs, other assets are also on par: EUR/AUD hits 1.5847, highest rate in 4 months.

At the same time Dollar/Yen made its largest single-day drop of 69 pips (0.7%) since November 2020.

The British Pound social media highlights:

follow us: