British Pound Gains Some Ground Against U.S. Dollar
GBP/USD continues its attempts to settle above the resistance at 1.3780 while the U.S. dollar is moving higher against a broad basket of currencies.
The U.S. Dollar Index settled above the 20 EMA at 93.80 and is moving towards the next resistance level at 94. If the U.S. Dollar Index gets above 94, it will gain additional upside momentum and head towards the next resistance at 94.20 which will be bearish for GBP/USD.
Today, foreign exchange market traders will focus on the economic data from U.S. Analysts expect that Case-Shiller Home Price Index report will show that home prices increased by 20% year-over-year in August. New Home Sales are projected to increase by 1% month-over-month in September after growing by 1.5% in August.
Meanwhile, Consumer Confidence report is projected to indicate that Consumer Confidence declined from 109.3 in September to 108.3 in October. This report will likely have the biggest impact on GBP/USD dynamics today.
Technical Analysis
GBP/USD remains stuck in the range between the support level at 1.3745 and the resistance level at 1.3780. In case GBP/USD gets above the resistance at 1.3780, it will gain additional upside momentum and move towards the next resistance level which is located at 1.3800.
A move above the resistance at 1.3800 will push GBP/USD towards the next resistance at 1.3835. This resistance level has already been tested many times and proved its strength. In case GBP/USD manages to settle above the resistance at 1.3835, it will move towards the next resistance level at 1.3875.
On the support side, GBP/USD needs to settle below the support level at 1.3745 to have a chance to develop downside momentum in the near term. The next support level for GBP/USD is located at the 50 EMA at 1.3720.
A move below the 50 EMA will lead to the test of the support level at 1.3710. If GBP/USD settles below 1.3710, it will move towards the next support at 1.3690.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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