Technical analysis of currencies – The British pound fell against the US dollar, recording its lowest level in nine days in the American session, following the negative data released by the British economy today, in addition to the positive data on the US economy, and it is expected that the President of the British Central Bank, “Mark Carney” will speak Janet Yellen, President of the Federal Reserve, on the impact of climate change on the economy, on the sidelines of the Group of Twenty summit in Hamburg.
At 03:51 GMT, the British pound fell against the US dollar, losing about 0.77%, to trade at the level of 1.2871 from the opening level at 1.2971, and the pair recorded the highest level at 1.2975, while it recorded the lowest level at 1.2867, the lowest since June 28.
Today, the British economy released a set of data, all of which were negative, as the Halifax House Price Index declined during the month of June with less than estimates, and the industrial and manufacturing production index declined to deviate from expectations, and the trade balance deficit for goods increased and the construction output for the month of May increased. The UK economic growth forecast in June was stable at 0.3%.
The British pound continued its decline against the US dollar, bypassing the 23 Fibo line and targeting the 38 Fibo line, as shown in the chart.
Both the MACD and the Stochastic indicator show a negative crossover towards the bearish trend on the four-hour time frame, so the price is expected to continue the bearish trend, targeting the 1.2830 level.
On the other hand, the US Department of Labor released monthly jobs data in the non-agricultural sector, which indicated a rise in job growth at a rate that exceeded expectations, as about 222 thousand jobs were added during June, while the unemployment rate rose to reach 4.4%, the lowest since March 2012, while average hourly earnings showed an increase less than expected but better than the previous reading.
The positive data on the monthly jobs in the non-agricultural sector will enhance expectations among investors that the Reserve Bank will raise US interest rates for the third time in a row.
Financial markets are awaiting with great interest the Federal Reserve Chair, Janet Yellen, to give her semi-annual testimony regarding the future of monetary policy before the US Congress.
- أزواج العملات النادرة في سوق الفوركس - 26 May, 2023
- Key tips for traders in Forex Market - 20 April, 2023
- Axia offers investors the opportunity to trade the most popular local stocks - 12 September, 2022