- Stock market indices worldwide are on the backfoot reflecting the climate of tension on the geopolitical scene.
- The UK Gross Domestic Product fails to impress GBP bulls who would need strong data in order to regain faith in Sterling.
The Guppy is breaking fresh 10-week lows as stocks on Wall Street open deeply in negative territories. The currency cross is trading at around 145.60 down 0.40% on Friday.
The yen is among the best-performing currencies in the last few days as investors are worried about the deteriorating geopolitical context. US President Trump wrote a letter to Kim Jong UN on Thursday, saying that he was canceling the summit scheduled on June 12 in Singapore. Additionally, recent news of 25% tariffs on imported vehicles to the US along with the stalemate in the trade war negotiations between the US and China are keeping investors worldwide rather edgy.
Earlier the UK Gross Domestic Product came in line with expectations. Lukewarm data from the UK is rather bad news for GBP as the Bank of England is data-dependant for any rate hike down the road.
GBP/JPY 4-hour chart
-636628521555209196.png)
The pair is trading below its 50, 100 and 200-period simple moving averages (SMA) on the 4-hour chart suggesting a strong downward bias. Supports are seen at the 145.00 handle followed by the 144.00 swing low. To the upside, the 146.00 swing low and 147.00 supply level should provide resistance.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.