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GBP/USD Range in Focus Ahead of BoE; Has EUR/USD Made a Lower-Low?

GBP/USD Range in Focus Ahead of BoE; Has EUR/USD Made a Lower-Low?

2014-07-22 15:25:00
David Song, Strategist
Share:

Talking Points:

- EUR/USD Comes Up Against Key 1.3450-60 Zone; Lower-Low in Place?

- GBP/USD to Face Larger Correction on Unanimous BoE Vote

- USDOLLAR Falls Back From Fresh Monthly High as U.S. Core Inflation Slows

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10451.68

10455.43

10431.47

0.12

91.85%

EUR/USD:

  • Slips to a fresh yearly low of 1.3457; outlooks remains bearish as the EUR/USD continues to carve lower highs & lows while Relative Strength Index (RSI) retains downward trend.
  • Despite the lack of fundamental event risk coming out of the euro-area, looks as though market players continue to favor selling the EUR/USD despite the weak data prints out of the U.S.
  • DailyFX Speculative Sentiment Index (SSI) stands at 1.6233 after flipping into positive territory .

GBP/USD:

  • Looks poised to hold above the 1.7020-30 region as it continues to trade above the July low (1.7035).
  • Bank of England (BoE) Minutes to heavily influence near-term outlook for GBP/USD as market participants look for a growing dissent within the Monetary Policy Committee (MPC).
  • BoE may continue to favor a stronger British Pound as it helps to achieve price stability.

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GBP/USD Range in Focus Ahead of BoE; Has EUR/USD Made a Lower-Low?

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Read More:

Price & Time: Key Test for the Euro

Managing USD Expectations with EUR/USD, USD/CAD (but not USD/JPY)

USDOLLAR Daily

GBP/USD Range in Focus Ahead of BoE; Has EUR/USD Made a Lower-Low?

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index advances to a fresh monthly high despite the unexpected downtick in the core rate of inflation.
  • Looks as though Fed will retain a dovish tone for monetary policy as the stickiness in the headline reading for inflation was largely driven by higher energy costs.
  • Nevertheless, close above 10,440 (78.6% Fibonacci retracement) should bring up 10,470 next.
  • Interim Resistance: 10,508 (61.8% retracement) to 10,524 (38.2% retracement)
  • Interim Support: 10,354 (Oct. low) to 10,375 (50.0& retracement)

Release

GMT

Expected

Actual

Consumer Price Index (MoM) (JUN)

12:30

0.3%

0.3%

Consumer Price Index (YoY) (JUN)

12:30

2.1%

2.1%

Consumer Price Index ex Food & Energy (MoM) (JUN)

12:30

0.2%

0.1%

Consumer Price Index ex Food & Energy (YoY) (JUN)

12:30

2.0%

1.9%

Consumer Price Index Core Index s.a. (JUN)

12:30

238.227

238.083

Consumer Price Index n.s.a. (JUN)

12:30

238.535

238.343

House Price Index (MoM) (MAY)

13:00

0.2%

0.4%

Richmond Fed Manufacturing Index (JUL)

14:00

5

7

Existing Home Sales (JUN)

14:00

4.99M

5.04M

Existing Home Sales (MoM) (JUN)

14:00

1.9%

2.6%

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--- Written by David Song, Currency Analyst

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

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