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GBP to Face BoE Governor Carney- Gold Outlook Remains Bearish

GBP to Face BoE Governor Carney- Gold Outlook Remains Bearish

David Song, Strategist

Talking Points:

- GBP/USD Hit by Scotland Referendum; BoE Governor Carney in Focus

- Gold Downside Targets Remain Favored as Bearish Patterns Remain in Play

- USDOLLAR Strength to Continue as RSI Retains Bullish Momentum

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GBP/USD

GBP to Face BoE Governor Carney- Gold Outlook Remains Bearish
  • GBP/USD gaps to a fresh monthly low (1.6102) as polls show greater risk of Scotland leaving the U.K.; Relative Strength Index (RSI) approaching lowest level since September 2008.
  • BoE Governor Mark Carney scheduled to speak tomorrow at 10:45 GMT; will be watching former support zones for new resistance: 1.6250, 1.6280-1.6300 and 1.6360-90.
  • Even though the DailyFX Speculative Sentiment Index (SSI) has narrowed to +1.79, appears as though short positions have been hit following the opening weekly gap to the downside; will look for a push back above +2.00 to favor a more bearish outlook.

XAU/USD

GBP to Face BoE Governor Carney- Gold Outlook Remains Bearish
  • Gold appears to be getting ready for another decline as it struggles to push back around $1,270-$1,2706 while RSI retains bearish momentum.
  • Market participants still appear to be treating bullion more so as a commodity rather than a currency as it moves in tandem with Silver prices.
  • Need close below $1,260 (61.8% retracement) to look for a more meaningful run at $1,250, which will be followed by $1,231-$1,234.

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Read More:

EUR/USD Aims for 1.2750, GBP/USD Clear Critical 1.6260 Level

British Pound Sinks as Scottish Independence Poll Fuels Capital Flight

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10787.13

10789.72

10749.73

0.48

116.49%

GBP to Face BoE Governor Carney- Gold Outlook Remains BearishGBP to Face BoE Governor Carney- Gold Outlook Remains Bearish

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index gaps higher & rallies to a fresh 2014 high of 10,781; topside targets remain favored as RSI holds above 70 & pushes deeper into overbought territory.
  • DailyFX SSI shows retail positioning remains net-short on the U.S. dollar; may see resumption of recent trends should we see a further build up.
  • Next topside objective comes in around 10,791 (100% expansion) to 10,809 (September 2013 high)..

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Release

GMT

Expected

Actual

Consumer Credit (JUL)

19:00

$17.275B

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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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