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2 Apr 2018

GBP/USD in the 1.40-1.41 Easter-break range amid light data

  • The GBP/USD is trapped in a three-day ‘Easter-break’ range. 
  • The bulls defend the 1.40 line-in-the-sand. 

The GBP/USD is trading at around  1.4047 up 0.22% as the European forex session came to an end on Easter Monday. Tomorrow stock exchanges in Europe, Canada, Australia and New-Zealand will be open as usual as they were closed today for the Easter holiday. 

The greenback is fairly well supported as the US Dollar Index (DXY) is maintaining its gains made last weeks. A the time of writing the DXY is trading above the $90 mark. 

Later on, Minneapolis Fed’s President Neel Kashkari is set to speak at a Student Town Hall in Minnesota at 22:00 GMT. 
  
Tuesday will see tier-two data from the UK with the release of the Markit Manufacturing PMI for March expected at 54.5. In the US, FOMC´s voting member Lael Brainard is set to speak in the evening at 20.30. Additionally in the US on Tuesday, the Redbook Index, the ISM NY Index and Total vehicles Sales tier-two data will be released. The main news of the week is the US Non-Farm Payroll on Friday.   

GBP/USD daily chart

The GBP/USD is trading above the 50, 10 and 200-period simple moving average. The last three sessions saw small ranges above the 1.40 level and the ascending bull trendline with prices being capped at the 1.41 level.

GBP/USD 1-hour chart

Earlier on Easter Monday, the GBP/USD found resistance at 1.4080 being rejected from the 100-period simple moving average on the 1-hour chart. The bulls are creating a bull channel and their objective is to bring the market above the 1.41 handle. The current resistance area is therefore seen in the 1.4080-1.4100 price zone. If the bulls manage to break above it, the next scaling point becomes 1.4150 which is the 61.8% Fibonacci retracement from the March, 27-29 bear leg. On the flip side, support is seen in the 1.4000-1.4010 area which is a cyclical low and a psychological figure. If this zone is broken to the downside the next support is seen at 1.39 swing low. 

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