GBPUSD 24-04-2018 Intra-day analysis.

Daily Forex Market Preview, 24/04/2018

The U.S. dollar was seen posting strong gains on the day across the board. The gains came amid data from the Eurozone showing that manufacturing PMI might have eased to 56.0 in April. Services PMI data was seen registering a print of 55.0, slightly higher from 54.8 that was forecast.

The U.S. 10-year yields were seen rising close to the 3% threshold at 2.973%. This was the highest level in the 10-year yields since January of 2014.

Canadian wholesale sales were seen falling 0.8% on the month following a revised 0.3%increase the month before.

Looking ahead, the economic calendar for the day will see the release of the German Ifo business climate data. Economists forecast that after the Ifo business climate fell sharply, it is expected to pick up modestly to 104.7.

Data from the UK will see the release of the public sector net borrowing data which is expected to expand to 1.1 billion GBP. The data from the U.S. is rather limited with the CB consumer confidence data that is expected to show a decline to 126.0 compared to 127.7 previously. New home sales are expected to rise to 625k, up from 618k that was registered in the month before.

GBPUSD 24-04-2018 Intra-day analysis

GBPUSD (1.3947): The British pound was seen giving up the gains made over the past few weeks as the major support level at 1.4000 failed to stall the declines. The breakdown below the 1.4000 support signaled further losses. Price action is seen reversing the losses just above the next main support level at 1.3902 level. The current rebound could be seen extending back to 1.4000 where it is likely for resistance to be established. The GBPUSD currency pair is expected to maintain its range within these levels for the moment.