|Day's Range||140.98 - 142.42|
|52 Week Range||140.3640 - 153.5260|
The British pound went back and forth during the Japanese yen during the trading week, as we continue to see a lot of noise out there. However, we have recently seen a massive turnaround, and I think it is going to be crucial to the future of this market.
The British pound pulled back a bit against the Japanese yen during the trading session on Friday but found enough support to turn around of form a bit of a hammer early in the day. This is a good sign, and it looks as if the British pound is finding buyers to turn things back around again.
The British pound rallied a bit against the Japanese yen during the trading session on Wednesday, as we continue to see this market build what I believe is a significant technical pattern.
The British pound bounced a bit during the trading session on Tuesday, as we continue to dance around the 50 day EMA. At this point, I believe that the British pound is trying to find its legs to continue going higher.
The British pound continues to tread water against the Japanese yen during trading on Monday to kick off the week, as we are hanging about the 50 day EMA. Because of this, it looks as if the market is trying to figure out where it wants to go next.
The British pound fell during the week overall, but not necessarily in a drastic move. Because of this, I think that the market is trying to digest the major gains that we have seen over the last couple of weeks, and I would also point out that the hammer from five weeks ago coincides nicely with a “risk on” move that I’m seeing against the US dollar.
The British pound has enjoyed a bit of bullish pressure during the day on Friday against most currencies, with the Japanese yen being no different. Ultimately, this is a market that I think will continue to be bullish overall but I also recognize that there is a lot of technical noise just above.
The British pound broke down initially during the day on Thursday but turned around quite drastically to break back above the 50 day EMA now that the Bank of England announcements are out of the way.
The British pound dropped on Thursday following the Bank of England's first monetary policy update and inflation report of the year, in which it left interest rates unchanged, in line with market expectations. The central bank said that a continued, gradual tightening of monetary policy was necessary given its forecast for inflation, but warned of various factors weighing on the U.K. economy. The benchmark interest rate remained unchanged at 0.75%. Fading global economic growth, reflecting the tightening of financial conditions and the impact of trade tensions on the business environment, as well as uncertainties surrounding Brexit will weigh on the U.K. economy, said the central bank. "UK economic growth slowed in late 2018 and appears to have weakened further in early 2019," said the BOE statement. With regards to Brexit, the bank reiterated its stance that "the appropriate path of monetary policy will depend on the balance of these effects on demand, supply and the exchange rate. The monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction." Meanwhile, consumer price inflation is expected to converge with its 2% target in the near-term on the back of a drop in oil prices. Sterling, which had started the session weaker versus its U.S. rival, extended its losses on the back of the BOE release, diving to a low of $1.2853. The pound last bought $1.2878, compared with $1.2931 late Wednesday in New York.
The British pound has rallied slightly against the Japanese yen to kick off the week on Monday, as we continue to see a press higher in this pair, but we obviously have a lot of noise just above.
The British pound pulled back a bit against the Japanese yen during the trading sessions that made up the week. We have seen a bit of a give back by the British pound against most currencies, but at this point I think we are starting to approach heavy volume from the buyers.
The British pound initially fell against the Japanese yen during the trading session on Friday but has found plenty of buyers to turn things around and form a bit of a hammer.
The British pound initially pulled back during the trading session on Tuesday, but then turned around to rally towards the 200 day EMA. That of course is an area that is resistance, but the market certainly looks resilient.
The British pound pulled back a little bit from a major level against the Japanese yen to kick off the session on Monday, as the ¥145 level has been major resistance. Beyond that, we are pressing the 200 day EMA, so it’s very likely that we might struggle here, not to mention the fact that we are overextended.
Don’t underestimate the Japanese yen’s status as a haven — and its ability to buoy the currency despite lackluster economic fundamentals.
The British pound exploded to the upside against the Japanese yen, as the Brexit deal looks to be delayed. This gives hope of the British doing a second referendum, which I don’t think happens. However, the market is pricing in that a better situation than a “no deal Brexit” it’s about to happen.
The British pound struggled to go higher during the trading session on Friday, as we have seen the market get a bit over stretch. We tested the 200 day EMA but then pulled back a bit, which one would expect.
The British pound pulled back a bit during the trading session on Thursday, as we may have gotten a bit ahead of ourselves. That being said, the massive candle from Wednesday is a sign that we certainly have a lot of momentum but pulling back makes a bit of sense so I think that’s all we are seeing at this point.
The British pound broke out against the Japanese yen again, breaking the ¥143 level. It looks as if we are testing the 200 day EMA rather soon, so that of course will be an area that is important. Beyond that, the British pound has rallied significantly against most currencies as Labour looks set to agree to a delay of the Brexit.
Following its gradual recoveries since week-start, the GBPUSD again confronts four-month old resistance-line, around 1.2980, which if broken on a daily closing basis can propel the pair towards another important resistance, namely the joint of 200-day SMA and downward slanting trend-line stretched since June 2018, around 1.3080-90. Given the pair manage to print a D1 close beyond 1.3090, also clears 1.3100 mark, it may aim for 1.3180 & 1.3260 numbers to north. If at all the pair again fails to surpass the trend-line barrier, the 1.2910, the 1.2820 and the 50-day SMA level of 1. ...
The British pound pulled back initially against the Japanese yen but seems to be finding support during the day on Tuesday, as the 50 day EMA is in play. Beyond that, we have a significant amount of support underneath than the form of the ¥140 level.
The British pound pulled back initially during the trading session on Monday but found enough support underneath to turn around and it stabilized a bit. We are right at the 50 day EMA, and more importantly the ¥141 level. This is an area that has been important more than once.
The British pound rallied significantly during the week after the vote on the Brexit, and hopes appearing that perhaps the Brexit will be delayed. This is short-term positive for the British pound, so obviously it carried over in this market as well.