FED: Beige Book: Some Signs Of Loosening Labor Market
The April Beige Book summary of Employment conditions: "Employment was little changed to up slightly...
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GBPUSD TECHS: Trend Needle Points North
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2904 @ 16:51 GMT Mar 24
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2855 20-day EMA
- SUP 3: 1.2714 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend condition remains bullish and the latest shallow pullback is considered corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. The pair has recently breached a Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg. The clear break of this price point opens 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2855, the 20-day EMA.
US: FED Reverse Repo Operation
RRP usage slips to $196.565B this afternoon from $200.850B last Friday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 43.
MNI EXCLUSIVE: Canadian Manufacturing Group President On US Tariff Impact
MNI interviews head of Canadian manufacturing group on tariff wars in podcast -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
