Forex Daily Analysis : 08 April 2021

The daily forex analysis for April 08, 2021 will discuss the movement of the Pound Sterling versus the US Dollar in trading on Wednesday, April 07, 2021 yesterday, moving weaker. The weakening of the Pound Sterling was caused by the strengthening of the US Dollar. In addition, the weakening of the Pound Sterling is also due to profit taking actions carried out by market participants after some time ago the movement of the Pound Sterling versus the US Dollar was already at its highest level. In today's market trading, Thursday 08 April 2021, GBPUSD is expected to move up. GBPUSD has the potential to move upwards but in a limited range, due to the weakening of the US Dollar. Regarding the weakening of the US Dollar, this will be discussed in the next paragraph. In addition, the factor that can make the pound stronger is the positive signal for the good level of the British economy, along with the rapid and massive vaccination activities carried out by the British government and starting to show results. The UK economic data that will be released today is the UK Construction PMI data which will be released at 15:30 WIB. The movement of the Greenback in today's trading is predicted to strengthen compared to other major currencies, the strengthening of the US Dollar is caused by the statement of the Chairman of the US Federal Reserve Jerome Powell in his speech last night. In his remarks, Powell said that the Fed will still try to maintain monetary stimulus in the long term, this is intended as one of the ways to support the recovery of the economy which was held back due to the Covid-19 pandemic that attacked all countries in the world. On the other hand, the movement of the Wall Street index overnight experienced quiet trading, this is because soon the earnings period (loss statement/profit report) of companies incorporated on Wall Street will begin. In addition, regarding the movement of American bond yields, which in its movement yesterday decreased, but yesterday bond yields managed to rise again from their fall.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to strengthen/rise and the recommended OP (Open Position) is BUY at the level of 1.37650. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex 08 april 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.