The GBPUSD price provided additional positive trades to approach the key resistance 1.2440$, and as we mentioned this morning, this level represents one of the trend keys beside 1.2300$ support line, as the price needs to break one of them to detect its next destination clearly.

Therefore, we will continue with our neutrality until we get clearer signal for the next trend, while the expected targets after breaching the mentioned levels are explained in our morning report.

The expected trading range for today is between 1.2300$ support and 1.2475$ resistance

Trend forecast: Neutral

The EURUSD price achieved initial breach to 1.0455$ level and attempts to hold above it, reinforcing the expectations of continuing the bullish trend for the rest of the day, paving the way to head towards 1.0600$ that represents our next main target.

The price needs to build strong support base above 1.0455$ to guarantee the continuation of the bullish wave, as failing to hold above this level will put the price under negative pressure that targets 1.0325$ areas as a first station.

The expected trading range for today is between 1.0360$ support and 1.0520$ resistance

Trend forecast: Bullish

Copper price succeeded to hold above the MA55 at 4.2000$, to notice renewing the bullish attempts by rallying above 4.3300$ barrier, attempting to confirm the preparation to resume the previously suggested bullish attack.

Also, stochastic begins to provide the positive momentum to assist to confirm breaching the current barrier and open the way to record new gains that might extend towards 4.4400$ and 4.5300$ levels soon.

The expected trading range for today is between 4.2700$ and 4.4400$

Trend forecast: Bullish

January 24, 2025 – Written by Tim Boyer

STORY LINK Pound to Euro Forecast Today: GBP/EUR Slips despite Growing ECB Rate Cut Speculation

The Pound Sterling (GBP) was subdued against the Euro (EUR) on Thursday despite a rise in European Central Bank (ECB) interest rate cut bets.

At the time of writing, the Pound Euro (GBP/EUR) exchange rate was trading at around €1.1832, virtually unchanged from Thursday’s opening levels.

On Thursday, the Euro (EUR) remained largely unchanged against most of its counterparts, struggling to gain traction as speculation mounted over potential interest rate cuts by the European Central Bank.

On Wednesday, ECB policymaker Yannis Stournaras suggested that the central bank might need to expedite its rate cuts this year if Donald Trump imposes tariffs on the Eurozone.

With speculation on the rise and a dearth of economic data from the Eurozone, EUR exchange rates continued to face headwinds.

On Thursday, the Pound (GBP) had a tough time gaining ground against its major peers, as a lack of new domestic data left exchange rates directionless.

Without fresh economic indicators, the Pound remained exposed to ongoing concerns about the UK’s fiscal stability.

The day before, the UK’s latest borrowing figures came in much higher than anticipated, putting significant pressure on the currency.

With no new developments on Thursday, the Pound struggled to recover from Wednesday’s decline, failing to attract significant investor interest.

GBP/EUR Exchange Rate Forecast: UK and Eurozone PMIs in the Spotlight

Looking ahead to Friday, the main factor influencing the Pound Euro exchange rate will likely be the release of the preliminary PMI data for January from both the UK and the Eurozone.

For the Pound, if the UK’s crucial services sector shows another decline this month, it could dampen Sterling’s performance by the end of the week.

As for the Euro, the Eurozone’s latest PMI data is expected to report another mixed result, which could also put pressure on the single currency on Friday.

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TAGS: Pound Euro Forecasts

Tron’s currency price (TRXUSD) fell in the intraday levels after bumping into the resistance of the 50-day SMA, amid the dominance of the downward correctional trend in the short term, with negative signals from the RSI after reaching overbought levels compared to the price’s movements, hinting at negative divergence, and doubling negative pressure. 

Therefore we expect more losses for the price, targeting the important support of $0.21619887, provided the resistance of $0.27477425 holds on.

Trend forecast for today: Bearish 

The GBPUSD price bounced upwards clearly after the consolidation of 1.2300$ support line against the recent negative attempts, to approach the main bearish channel’s resistance now, and we prefer to stay aside until the price confirms its situation according to the key levels represented by the mentioned support and 1.2440$ resistance.

Note that the continuation of the rise and breaching this resistance will push the price to start bullish correction that its first main target located at 1.2610$, while breaking the support represents the key to resume the main bearish trend and head to achieve negative targets that start by visiting 1.2210$ areas.

The expected trading range for today is between 1.2300$ support and 1.2475$ resistance

Trend forecast: Neutral

Created on January 23, 2025

• During my analysis of major currency pairs, the EUR/USD pair has captured my attention as we have seen a lot of noisy behavior, but ultimately the market has ended up being somewhat neutral, and this is not a huge surprise, considering that the euro has no real business strengthening against the US dollar.
• After all, the market is likely to continue to be focusing on the fact that the interest rate situation in the United States continues to be much stronger than that of the European Union, and of course the EU itself is a bit of a disaster.

Technical Analysis

The technical analysis for this pair is rather negative, and it probably will remain so. The neutral candlestick itself isn’t such a big deal, but it’s the fact that it has formed near the 50 Day EMA, so I think that if we break down below the lows of the trading session on Wednesday, it’s very likely that the euro will try to get down to the 1.03 level underneath. The 1.03 level underneath of course is a large, round, psychologically significant figure that a lot of people will be watching. It’s an area that has seen a lot of buying pressure, so I think a revisit of that area makes quite a bit of sense.

However, if we were to break above the 1.05 level, then we have a lot of noise all the way to the 1.06 level. It’s at the 1.06 level that if the euro can overcome that region, I think it finally has proven itself. Ultimately, I think that’s a tall order, and therefore I’m looking for opportunities to fade the euro on signs of exhaustion and today may very well have been that session on Wednesday. If we break down, I will not hesitate to start shorting this pair for a short-term trade. If we can get below the 1.02 level, the euro will end up visiting parity quicker than most people anticipate.

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Created on January 23, 2025

• The US Dollar against the Japanese Yen has been trading in a narrow range and a neutral position in recent trading sessions, but there have been attempts by bulls to move higher, with gains not exceeding the resistance level of 156.70 before stabilizing around the 156.50 level at the time of writing this analysis.
• The currency pair is in a wait-and-see mode pending the announcement of the Bank of Japan and a clear vision of the policies of the new US administration.
• Recently, Forex traders reacted to the latest comments by US President Donald Trump, who threatened to impose tariffs on China, Mexico, Canada, and the European Union, increasing the risks of a global trade war.

Overall, the most supportive outcome for the US dollar would involve Trump signalling comprehensive tariffs on imports, which would raise inflation and interest rates in the United States. It would also punish currencies belonging to major exporters. Instead, Trump tasked federal agencies with studying current trade imbalances and tariff scenarios, asking them to report back on April 1st. At this stage, key names such as Jameson Greer will be installed in the government and will be able to lead the new agenda.

Trading Tips:

Dear TradersUp follower, the Japanese yen will remain in a state of waiting until the reaction to the decisions of the Japanese central bank, in addition to monitoring the appetite of investors to risk or not.

Japanese bond yields rise before the meeting of the Bank of Japan

According to recent trading, the yield on the Japanese government bond for 10 years rose to more than 1.2%, recovering from its lowest levels in two weeks, with growing expectations that the Bank of Japan will raise interest rates this week after hawkish comments from central bank officials. As is known, raising interest rates will increase short-term borrowing costs in Japan to 0.5%, the highest level since the global financial crisis in 2008.

Will the Japanese central bank raise interest rates?

In this regard, Bank of Japan Governor Ueda recently indicated that the central bank would consider raising interest rates if the economy continued to perform well, while Deputy Governor Himeno noted that it would be unusual for real interest rates to remain negative once Japan had overcome deflationary pressures. The Bank of Japan is also expected to revise its inflation forecast upwards, amid growing expectations that wage increases will help Japan achieve its 2% inflation target sustainably.

USD/JPY Technical analysis and Expectations Today:

Dear reader, the performance of the USD/JPY currency pair remains neutral. However, we still prefer buying the currency pair from every downward level. Currently, the closest support levels on the daily chart are 154.70 and 152.90 respectively. Conversely, and on the same timeframe, the resistance of 158.30 will remain a key for the bulls to move quickly to the psychological resistance of 160.00, which will move the technical indicators towards strong overbought levels, led by the Relative Strength Index and the Stochastic Oscillator. At the same time, talk of Japanese intervention in the Forex markets to prevent further decline in the value of the Japanese Yen will increase.

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• EUR/USD extends its sideways grind above 1.0400 in the early American session on Thursday.
• The mixed action seen in Wall Street helps the US Dollar stay resilient against its rivals.
• Preliminary January Manufacturing and Services PMI data on Friday could help the pair find direction.

EUR/USD continues to move up and down in a narrow channel above 1.0400 in the American session on Thursday. The pair’s technical outlook suggests that the bullish bias remains intact, while lacking momentum.

The data from the US showed on Thursday that the weekly Initial Jobless Claims rose to 223,000 in the week ending January 18 from 217,000 in the previous week. This reading came in above the market expectation of 220,000 and limited the US Dollar’s gains, in turn helping EUR/USD find support.

Meanwhile, Wall Street’s main indexes trade mixed following the opening bell, reflecting a cautious market stance ahead of US President Donald Trump’s speech at the World Economic Forum in Davos. At the time of press, the Dow Jones Industrial Average was up 0.2%, while the Nasdaq Composite was down 0.5%.

In case safe-haven flows dominate the action following Trump’s remarks, EUR/USD could have a hard time regaining its traction.

On Friday, S&P Global will publish the preliminary January Manufacturing and Services Purchasing Managers Index (PMI) data for Germany, the Eurozone and the US.

EUR/USD Technical Analysis

The Relative Strength Index (RSI) moves sideways above 50, suggesting that the bullish bias remains unchanged but it’s struggling to gather momentum. EUR/USD faces key support level at 1.0390, where the 200-period Simple Moving Average (SMA) meets the Fibonacci 50% retracement of the latest downtrend. A daily close below this level could attract technical sellers and open the door for an extended decline toward 1.0350 (Fibonacci 38.2% retracement) and 1.0320 (100-period SMA).

On the upside, first resistance could be spotted at 1.0440 (Fibonacci 61.8% retracement, 50-day SMA) ahead of 1.0500 (round level, Fibonacci 78.6% retracement).

Created on January 23, 2025

• As we predicted and confirmed, the attempts of the GBP/USD currency pair to recover remain weak and await further stimulus.
• The rise of the British Pound against the US Dollar comes amid indications that Donald Trump is adopting a more measured approach to tariffs.
• However, analysts warn that this is merely a truce, not a change in direction.

Will the Sterling rise beyond the resistance of 1.24?

According to reliable trading platforms, the GBP/USD exchange rate has formed a base above 1.2160 and a short-term rise to the resistance of 1.24 may carry it in the coming days. According to trades, the weakness of the US dollar is the current driving force in the global foreign exchange market, reflecting investor relief that Donald Trump is preparing to pursue a more cautious tariff agenda. Overall, it is certain that US tariffs are coming, but the fire and brimstone he promised in the campaign has given way to a mixed message from Trump, who has tasked federal agencies with taking a closer look.

Dollar price fluctuation with selling pressure

Recently, the most supportive outcome for the US dollar included Trump’s signal to impose comprehensive tariffs on imports, which would have raised inflation and interest rates in the United States. Also, it would have punished currencies belonging to major exporters. Instead, Trump tasked federal agencies with studying current trade imbalances and tariff scenarios, asking them to report back on April 1st. At this stage, key names such as Jameson Greer will be installed in the government and will be able to lead the new agenda.

According to analysts, changes to US tariffs are expected to be announced on or shortly after April 1 and take effect a month or two later. The bottom line is that changes to tariff policy are coming. But the timeline means there is plenty of time for companies (both US and foreign) and foreign governments to lobby for exemptions.

Recently, the foreign exchange “FOREX” market has built up a risk premium in currency valuations following Trump’s victory in November, contributing to new declines in the Pound Sterling against the Dollar and other US dollar exchange rates. With a clearer path to less severe trade outcomes, some of this premium has been priced in, contributing to the rise of the Pound Sterling against the Dollar.

However, tariffs are still coming, and analysts say it is too early to call an end to the US dollar’s advance. Experts believe that delayed tariffs are not cancelled tariffs by any means. This supports JPMorgan’s view that bouts of US dollar weakness will be “fading.” At the same time, Deutsche Bank analysis finds that financial markets may still be underestimating the impending change that Trump will bring. Bank analysts stated, “Our conclusions are not optimistic: Despite recent moves, the market is not pricing in the sustained total divergence between the United States and the rest of the world, nor a major trade war.”

Trading Tips:

Dear TradersUp follower, the pound has British problems that may affect its gains even if the US dollar declines in the coming days. The selling strategy is still the strongest.

Technical Analysis for the GPB/USD pair today:

Dear reader, according to the GBP/USD daily chart trades, the upward trend remains weak and awaits more stimulus. Technically, the resistance of 1.2570 will be the key to the bulls’ control of the trend and thus the readiness for stronger gains. Also, it confirms the beginning of the formation of an opposite upward channel. On the same timeframe, the support levels of 1.2260 and 1.2180 will remain the most important for the strength of the bears’ control and thus the readiness to move towards the psychological support level of 1.2000. Which in turn will move the technical indicators towards strong oversold levels.

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