We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • President Trump: US may be getting to the top of the #coronavirus curve
  • US President Trump says he will ask Congress for another $250 billion in coronavirus support
  • We could really go for a 'no news is good news' market lean heading into the second half of this shortened holiday week
  • $USDJPY Daily Pivot Points: S3: 106.63 S2: 107.48 S1: 107.99 R1: 108.84 R2: 109.19 R3: 110.04 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • A close below the low end of the zone reflects a possible bearish comeback. This may send $GBPUSD towards 1.1958. Get your GBP/USD technical analysis from @malkudsi here: https://t.co/QsOiOQEVJb https://t.co/JDT9dztvu8
  • $EURUSD Daily Pivot Points: S3: 1.0653 S2: 1.0732 S1: 1.0769 R1: 1.0847 R2: 1.0889 R3: 1.0967 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.36% 🇨🇭CHF: 0.93% 🇪🇺EUR: 0.92% 🇨🇦CAD: 0.84% 🇳🇿NZD: 0.75% 🇯🇵JPY: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Nzd6GT6ikr
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.38% Silver: 0.19% Gold: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/crOMa8u5oL
  • What carries more weight for this past session's $SPX performance: a second consecutive strong bullish gap on open (global risk on) or reversal to close lower on the day (local risk off)? https://t.co/jETCVa0MqB
  • The #gold price rally is testing the first major resistance hurdle here at the yearly high-close. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/v5MVdtiCVP https://t.co/xaL3D1Wou3
British Pound Holds Key Support- Eyes 1.6600 Ahead of BoE Minutes

British Pound Holds Key Support- Eyes 1.6600 Ahead of BoE Minutes

2014-01-18 00:49:00
David Song, Strategist
Share:
British_Pound_Holds_Key_Support-_Eyes_1.6600_Ahead_of_BoE_Minutes_body_Picture_1.png, British Pound Holds Key Support- Eyes 1.6600 Ahead of BoE Minutes

Fundamental Forecast for the British Pound: Bullish

The British Pound appears to be coiling up for another run at the 1.6600 handle as the positive developments coming out of the U.K. economy raises the Bank of England’s (BoE) scope to normalize monetary policy ahead of schedule.

With the BoE Minutes due out next week, a more hawkish policy statement may spark a near-term rally in the sterling, and Governor Mark Carney may show a greater willingness to raise the benchmark interest rate later this year as U.K. Jobless Claims are projected to contract another 32.0K in December. Indeed, Monetary Policy Committee (MPC) board member Ben Broadbent emphasized that unemployment is falling faster than the central bank expected while speaking earlier this week, but it seems as though there’s growing bets that the BoE will implement a dovish twist to its forward-guidance in order to preserve its highly accommodative policy stance for an extended period of time.

There’s speculation that the BoE will lower the unemployment threshold to 6.5% from 7.0% in its quarterly inflation report scheduled for February 12, and this theme presents the largest risk to the bullish British Pound forecast as market participants weigh the outlook for monetary policy. Nevertheless, Credit Suisse overnight index swaps are starting to show expectations for higher interests over the next 12-months as the BoE moves away from its easing cycle, and the shift policy outlook should continue to prop up the sterling over the near to medium-term as the central bank starts to unwind its non-standard measures.

With that said, we will continue eye the topside targets for the GBPUSD as long as it holds above the 1.6300 handle, and the rebound from key support may spark fresh highs in the pound-dollar as it continues to carve a series of higher highs paired with higher lows. - DS

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.