Daily Analysis For GBP/USD 07-04-2023

Daily Analysis For GBP/USD 07-04-2023

GBP/USD Analysis
GBP/USD
Economic Events and Scenario for GBP/USD
Economic Events: -
GMTEventImpactCurrency
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Household Spending YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(Australia) Good FridayNoneAUD
01:00(Belgium) Good FridayNoneEUR
01:00(Canada) Good FridayNoneCAD
01:00(Ecuador) Good FridayNoneUSD
01:00(El Salvador) Good FridayNoneUSD
01:00(Estonia) Good FridayNoneEUR
01:00(Euro Area) Good FridayNoneEUR
01:00(Finland) Good FridayNoneEUR
01:00(Germany) Good FridayNoneEUR
01:00(Latvia) Good FridayNoneEUR
01:00(Luxembourg) Good FridayNoneEUR
01:00(Malta) Good FridayNoneEUR
01:00(Netherlands) Good FridayNoneEUR
01:00(New Zealand) Good FridayNoneNZD
01:00(Portugal) Good FridayNoneEUR
01:00(Spain) Good FridayNoneEUR
01:00(Switzerland) Good FridayNoneCHF
01:00(United Kingdom) Good FridayNoneGBP
01:00(United States) Good FridayNoneUSD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Netherlands) Household Consumption YoYLowEUR
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
07:00(Lithuania) Balance of TradeLowEUR
07:45(France) ImportsLowEUR
07:45(France) ExportsLowEUR
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
08:00(Austria) Industrial Production YoYLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(China) Foreign Exchange ReservesLowCNY
10:00(Greece) Balance of TradeLowEUR
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:00(United States) Used Car Prices MoMLowUSD
14:00(United States) Used Car Prices YoYLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - The GBP/USD pair has continued its two-day downtrend during a slow Asian session on Good Friday, dropping to 1.2430. The pair has been in a four-week consecutive period of weekly losses and is currently easing from the top line of a one-month-old ascending trend channel. Despite this, the Cable pair has managed to reduce its weekly losses.
Buy Scenario: - If the GBP/USD pair falls below 1.2375, it may encounter resistance from the lower line of the ascending trend channel, around 1.2350, and the 100-SMA at 1.2300, which could challenge the bears before giving them control.
Alternatively, recovery moves must cross a downward-sloping resistance line from Tuesday, located at around 1.2475 by the press time. If the pair manages to surpass this level, it may reach the latest multi-month peak of 1.2525, followed by the top line of the aforementioned channel at around 1.2550, to challenge the GBP/USD buyers.
In the event that the Cable pair remains firm above 1.2550, supported by price-positive US Nonfarm Payrolls (NFP), there is a chance of a run-up towards a May 2022 high of around 1.2665. Till then we do not advise to buy GBP/USD.
Sell Scenario: - The GBP/USD pair extended its two-day downtrend during a slow Asian session on Good Friday, dropping to 1.2430. The Cable pair has reduced its weekly losses, marking the fourth consecutive week of losses, and is currently easing from the top line of a one-month-old ascending trend channel.
The pair's retreat from the short-term key hurdle has been supported by bearish MACD signals and the RSI (14) line's withdrawal from the overbought territory, suggesting further declines.
However, the Cable pair's immediate downside is currently limited by a one-week-old horizontal support area at 1.2430, followed by an upward-sloping support line from March 08, located close to 1.2375. Till then we do not advise selling GBP/USD.
Support and Resistance Level: -
SupportResistance
S1 1.2406-R1 1.2480
S2 1.2373-R2 1.2521
S3 1.2332-R3 1.2554

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