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GBP/USD Breaks Out of Bearish Momentum Ahead of BoE Minutes

GBP/USD Breaks Out of Bearish Momentum Ahead of BoE Minutes

David Song, Strategist

Talking Points:

- USDOLLAR Continues to Carve Lower-Highs in June

- GBP/USD Breaks Out Ahead of Bank of England (BoE) Minutes

- NZD/USD Clears Long-Term Bearish Momentum; Higher-High on Tap?

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is struggling to hold its ground following the slew of dismal data coming out of the world’s largest economy, and the greenback may continue to give back the rebound from May (10,370) as the reserve currency carves a series of lower-highs in June.

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10473.27

10496.16

10472.28

-0.20

75.84%

As a result, the dollar remains at risk of carving fresh monthly lows ahead of the Federal Open Market Committee (FOMC) meeting on June 18, and the bearish sentiment surrounding the greenback may gather pace ahead of the second-half of the year as Fed Chair Janet Yellen remains in no rush to normalize monetary policy.

With that said, we are likely to get more of the same from the FOMC, and we continue to favor ‘selling bounces’ in the dollar as the bearish momentum in the Relative Strength Index (RSI) gathers pace.

GBP/USD Breaks Out of Bearish Momentum Ahead of BoE Minutes

Join DailyFX on Demand to Cover Current U.S. dollar Trade Setups

Read More:

Don’t Let Cable Mislead: Pound Ready for Breakout via GBP/CHF, EUR/GBP

EURAUD at Fresh 2014 Lows- Reversal Risk High Above 1.4420/40

USDOLLAR Daily

GBP/USD Breaks Out of Bearish Momentum Ahead of BoE Minutes

Chart - Created Using FXCM Marketscope 2.0

  • Continues to Carve Lower-Highs; Bearish RSI Favors Downside Targets
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

Advance Retail Sales (MAY)

12:30

0.6%

0.3%

Advance Retail Sales ex Autos (MAY)

12:30

0.4%

0.1%

Advance Retail Sales ex Auto and Gas (MAY)

12:30

0.4%

0.0%

Advance Retail Sales Control Group

12:30

0.4%

0.0%

Import Price Index (MoM) (MAY)

12:30

0.2%

0.1%

Import Price Index (YoY) (MAY)

12:30

0.5%

0.4%

Initial Jobless Claims (JUN 7)

12:30

310K

317K

Continuing Claims (MAY 31)

12:30

2605K

2614K

Business Inventories (APR)

14:00

0.4%

0.6%

Click Here for the DailyFX Calendar

--- 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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