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GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?

GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?

2014-09-09 15:00:00
David Song, Strategist
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Talking Points:

- GBP/USD Remains Oversold; BoE Governor Carney Stands Ready to Normalize

- NZD/USD to Threaten Bearish Formations If RBNZ Removes Verbal Intervention

- USDOLLAR Topside Targets Remain Favored as RSI Pushes Deeper Into Overbought Territory

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GBP/USD

GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?
  • GBP/USD rallies to 1.6155 as Bank of England (BoE) Governor Mark Carney says the central bank remains course to normalize monetary policy by Spring 2015 & sees gradual rate increases in the U.K.
  • BoE’s Monetary Policy Committee to testify on August inflation report tomorrow at 13:45GMT (9:45EST); will the fresh batch of commentary point to a greater dissent?
  • Nevertheless, the DailyFX Speculative Sentiment Index (SSI) continues to narrow, with the ratio now standing at +1.45 amid decline in open interest for both short and long positions.

NZD/USD

GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?
  • Technical outlook continues to favor downside targets as price & the Relative Strength Index (RSI) retain the bearish trend.
  • Reserve Bank of New Zealand (RBNZ) widely expected to keep cash rate at 2.50%; will Governor Graeme Wheeler remove verbal intervention?
  • Key downside region to watch will be 0.8200 pivot to 0.8220, the 78.6% Fibonacci retracement of the 2014 range.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: The Euro ’Dummy"

USD/JPY May See 110.00, USD/CAD 1.1200 Over Coming Weeks

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10835.54

10851.7

10814.88

0.12

100.18%

GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?GBP/USD Remains Vulnerable Ahead of BoE Testimony- 1.6000 on Tap?

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index looks poised for a further advance as the RSI breaks near-term resistance & pushes deeper into overbought territory.
  • Credit Suisse Overnight Index Swaps show interest rate expectations continuing to rise ahead of Federal Open Market Committee’s (FOMC) September 17 meeting; currently pricing at least one 25bp rate hike for the next 12-months.
  • Next topside levels to watch are 10,869 (78.6% retracement) to 10,888 (61.8% retracement) along with the bullish RSI momentum.

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

NFIB Small Business Optimism

11:30

96.0

96.1

JOLTS Job Openings

14:00

4700

4673

Fed's Daniel Tarullo Testifies to Senate Banking Committee

14:00

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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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