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Apr. 16, 2021

The British Pound continues a five day positive streak and is up 58 pips to 1.3841

(23:03) GMT

After starting the day at 1.3783 GBP/USD went up to 1.3846 only to drop back, yet still positive overall today, trading now at 1.3841. (Start trading Pound/Dollar at FXTM today).

This move comes while some more positive signs for Pound/Dollar are out as United States Building Permits beat expectations of 1.75 million with new data released of 1.77 million. This is also a step forward from the previous data of 1.72 million. United States Core Retail Sales beat expectations of five with the new data release of 8.4. This is also a step forward from the previous data of -2.5. Data for United States Retail Sales released yesterday at 12:30 PM came out at 9.8, beating projections of 5.9 and showing improvement over the preceding figure of -2.7.

In terms of trend indicators, we can see that although up today, it's worth noting that earlier the British Pound dropped below the 21 day Simple Moving Average as it was trading at 1.3771, usually an indication that a negative trend is ahead. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 1.3883 – a high enough level to usually suggest the British Pound is trading above its value.

Overall, looking at the technical analysis landscape, it seems the pound/dollar is likely to reverse course and start pointing down in the short term.

A look at other markets also shows green moving to an all-time high for the Dow Jones as it climbs to 34,257. The S&P reaches a new record high at 4,187.

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Week to date

The British Pound hits 1.3668, its lowest rate in 2 months .

GBP/USD is hesitant but green - from an earlier low of 1.3668, GBP/USD is up to 1.3841, gaining 133 pips compared to 1.3708 at the start of the week (0.97%). (Trade Pound/Dollar with FXTM now).

This move comes while some more positive signs for Pound/Dollar are out as data for United Kingdom Manufacturing Production released on Tuesday came out at 1.3, beating projections of 0.5 and showing improvement over the preceding figure of -2.3.

On the flip side, United Kingdom's GDP released earlier shows an improvement to 0.4 from the preceding data of -2.2, but falls short of the projected 0.6.

The Pound/Dollar shows positive signs, other assets are also on par: after a 2 year hiatus, Euro/Yen is back at 130.63 levels. The New-Zealand Dollar made its largest weekly gain of 105 pips(0.34%) since November 2020.

At the same time, Yen made its largest weekly gain of 104 pips (0.04%) since November 2020. The GBP/NZD made its largest weekly gain of 285 pips (0.75%) since December 2020. At 1.697, GBP/CAD is down to its lowest value in 4 months.