With minimal macro events scheduled for the UK this week, the focus will be on the US’ Non-Farm Payrolls dropping on Friday, and traders will be looking into the wage growth figures buried in the jobs reports to get a clue of where the US Fed is headed with multiple rate increases anticipated for this year. In the meantime, how is the GBPUSD pair trading? Examine this 2 April GBPUSD Technical Outlook for an idea.
2 April, OctaFX – The British pound starts the month of April with a slightly negative bias against the U.S dollar, after suffering heavy losses towards the end of last week.
The GBPUSD pair needs to move price-action above the 1.4200 level to regain bullish momentum, negating last week’s bearish outside reversal candle. Sterling traders now look towards the release of the March Manufacturing PMI and ISM Manufacturing readings from the U.S economy.
2 April GBPUSD Technical Outlook
The GBPUSD pair retains a short-term bearish bias whilst price-action trades below the 1.4087 level. I found the key support at 1.3960 and 1.3890 levels.
If the GBPUSD pair moves above the 1.4087 level, key intraday resistance is found at the 1.4145 and 1.4200 levels.
This article about 2 April GBPUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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