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GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?

GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?

David Song, Strategist

Talking Points:

- Bearish USDOLLAR Setup Remains in Play; 10,440 Up Next (78.6% Fibonacci Retracement)

- Japanese Yen Benefits From Less-Dovish Bank of Japan (BoJ); 101.00 in Sight

- GBP/USD Continues to Carve Higher Lows Ahead of BoE; Higher High on Tap?

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10457.81

10532.99

10457.08

-0.70

208.92%

USDOLLAR Daily

GBPUSD-Eyes-Higher-High-Ahead-of-BoE-1.6850-60-on-Tap_body_Picture_3.png, GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?

Chart - Created Using FXCM Marketscope 2.0

  • Bearish Price & RSI Continues to Favor Downside Targets
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,440 (78.6 retracement)

Release

GMT

Expected

Actual

NFIB Small Business Optimism (MAR)

11:30

200K

192K

Fed's Narayana Kocherlakota Speaks on U.S. Economy

17:30

Fed's Charles Plosser Speaks on Bank Regulation

18:45

Click Here for the DailyFX Calendar

Read More:

Price & Time: USD & Stocks Losing Luster

Is USDJPY Finally Breaking Lower? One Critical Factor We’re Watching

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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