technical analysis of currencies; A look at the trading of the British pound against the US dollar, April 7

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Technical analysis of currencies: The British pound fell during trading today, Friday, for the second day in a row, recording its lowest level during trading this week, following the negative data issued by the British economy regarding the industrial sector.

The British pound is trading against the US dollar at the level of 1.2398, after the pair recorded the highest level at 1.2478, and it opened today's session at the level of 1.2470, recording the lowest level at 1.2382

The current decline in the level of the British pound comes after the decline in industrial production in Britain during February by 0.1% compared to a previous decline of 1.0%, and the expectations indicated a percentage of 0.3%, while the manufacturing production decreased by 0.7% compared to a decrease of 0.3%. 0.2% ratio.

The weak industrial sector data increased the negative pressure on the pound sterling, even after the release of the US jobs report, which showed inconsistency in data, but it did not affect the pound's trading.

The British pound generally remains under pressure from the Brexit negotiations, which officially began last week.

Technical analysis of currencies The British pound against the US dollar

Currency technical analysis

Currency technical analysis

The British pound fell against the US dollar to trade at the level of 1,2384, where the price is trading at the support level in conjunction with the presence of the Fibo line 38 as shown in the graphic.

Trading is now taking place below the moving average indicator line, and both Stochastic and MACD indicator are showing a negative crossover towards the bearish trend on the four-hour time frame.

Therefore, the price is expected to continue the bearish trend, targeting the next support level at 1,2340

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Mohamed Abdel Khaleq

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