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Overview of the GBP/USD pair. April 2. The pound is calm. The British want to extend the “transition period”

4-hour timeframe

Technical details:
Higher linear regression channel: direction – downward.
Lower linear regression channel: direction – downward.
Moving average (20; smoothed) – upward.
CCI: 91.3539
The GBP/USD currency pair starts the fourth trading day of the week with a rather weak (for current realities) movement along with the Murray level of “3/8”-1.2451. Over the past few days, the pound/dollar pair has worked out this level several times, but never managed to gain a foothold above it or, on the contrary, push off from it and start a downward correction. Thus, we believe that traders have come to a certain “point of equilibrium” – the balance of supply and demand. In order for the pair to continue the upward trend or complete it, you need serious fundamental reasons or the entry of major players into the currency market with large transactions. During the past day, macroeconomic statistics from overseas could support the US dollar (as was the case with the euro currency), however, quite unexpectedly, the correlation through the US dollar was broken in the last two days. Before that, the EUR/USD and GBP/USD pairs moved almost identically with adjustments for volatility.
In principle, there is no news from the UK at the moment. Except for new reports…

South Korea Inflation Data Due On Thursday

South Korea will on Thursday release March numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity. In February, overall inflation was flat on month and up 1.1 percent on year, while core CPI added 0.1 percent on month and gained 0.5 percent on year. Japan will provide March figures for monetary base; in February, the monetary base climbed 3.6 percent on year. Australia will see February figures for job vacancies; in January, vacancies were up 1.6 percent on month. The material has been provided by InstaForex Company – www.instaforex.com…

Dollar Gains Against Peers

The U.S. dollar stayed firm against most of its peers on Wednesday amid fears of an imminent deep recession due to the impact of the rapidly spreading coronavirus pandemic. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. The dollar index rose to 99.84 this afternoon, but gave up much of its gains subsequently and was last seen at 99.41, up 0.35% from Tuesday’s close. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was much smaller than expected but still reflects the first decrease in private sector employment since September of 2017. The Institute for Supply Management’s report showed a contraction in U.S. manufacturing activity in the month of March. The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0. Against the euro, the dollar strengthened to $1.0964 from $1.1041,…

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Treasuries Move Back To The Upside Amid Renewed Coronavirus Concerns

Following the pullback seen in the previous session, treasuries moved back to the upside during the trading day on Wednesday. Bond prices pulled back off their best levels in afternoon trading but remained firmly positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.3 basis points to 0.635 percent. The rebound by treasuries came as traders looked for safe havens came amid renewed coronavirus concerns after White House officials warned of nearly a quarter million deaths from the pandemic. During a White House press conference on Tuesday, President Donald Trump warned the U.S. is facing a “very, very painful two weeks.” White House officials are now projecting between 100,000 and 240,000 deaths in the U.S. as a result of the outbreak, which Trump previously sought to downplay. “This could be a hell of a bad two weeks. This is going to be a very bad two, and maybe three weeks. This is going to be three weeks like we’ve never seen before,” Trump said. The comments from the White House come as data from Johns Hopkins University shows there are more than 190,000 confirmed coronavirus cases in the U.S. and…

Gold Pares Early Gains, Settles Lower For 4th Straight Session

Gold prices drifted lower on Wednesday, extending losses to a fourth straight session, although the downside was not much pronounced as rising coronavirus cases continued to raise concerns about growth. A stronger dollar weighed on the yellow metal. The dollar index rose to 99.80, gaining about 0.75%. It was not an entirely weak spell for the yellow metal today, as safe-haven demand pushed up prices early on in the session. Gold futures for June ended down $5.20, or about 0.3%, at $1,591.40 an ounce, after hitting a high of $1,612.40 an ounce in the Asian session. The contract, which dropped to a low of $1,576.00 around mid-morning, recovered and moved past $1,600 again before giving up gains. Silver futures for May ended down $0.172 at $13.984 an ounce, while Copper futures for May settled at $2.1745, per pound, down $0.0535 from previous close. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was…