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GBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to Flip

GBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to Flip

2014-09-10 14:50:00
David Song, Currency Strategist
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Talking Points:

- GBP/USD Blips Higher as BoE Retains Current Course for Monetary Policy

- AUD/USD to Face Larger Rebound on Upbeat Australian Employment Report

- USDOLLAR Eyes August 2013 High (10,897) as Retail Crowd Remains Net-Short

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GBP/USD

GBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to Flip
  • GBP/USD climbs to a fresh session high of 1.6169 as Bank of England (BoE) Governor Mark Carney sees period approaching to start normalizing monetary policy.
  • Even though the BoE sticks to its current path for monetary policy, looks as though Martin Weale and Ian McCafferty will remain as the minority as David Miles sees ‘no immediate urgency’ to raise the benchmark interest rate.
  • The DailyFX Speculative Sentiment Index (SSI) continues to narrow as the ratio now stands at +1.38, but need to see a more material shift in positioning to favor a bullish outlook for the GBP/USD as bearish formations remain in play.

AUD/USD

GBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to Flip
  • AUD/USD appears to be catching near-term support around the 0.9100 pivot to 0.9110 (23.6% retracement), but downside targets remain favored as Relative Strength Index (RSI) retains bearish trend.
  • RSI failure to break below 30 & push into oversold territory may warn of near-term correction; will look for a lower-high to be carved on a rebound.
  • Key downside region to watch will be around 0.9070 (38.2% retracement) to 0.980 (50.0% retracement).

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

Read More:

AUD/USD Top Measures to 0.8906, EUR/JPY Revisits 138.05 Resistance

Bearish NZD/USD Trend in Focus- Will RBNZ Remove Verbal Intervention?

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10854.53

10873.96

10822.22

0.17

132.72%

GBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to FlipGBP/USD Benefits From BoE Policy Outlook- Waiting for SSI to Flip

Chart - Created Using FXCM Marketscope 2.0

  • Next topside objective for the Dow Jones-FXCM U.S. Dollar Index will be the August 2013 high (10,897) following by the clutterof Fibonacci’s around 10,869-10,888.
  • Bullish momentum & topside break in RSI favor further USDOLLAR strength; will retain approach to ‘buy dips’ as along as oscillator preserves upward trend.
  • DailyFX SSI shows that the retail crowd remains net-short against the greenback across the majors; adds further conviction/confirmation for additional dollar strength.

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

MBA Mortgage Applications (SEP 5)

11:00

--

-7.2%

Wholesale Inventories (JUL)

14:00

0.5%

0.1%

Wholesale Trade Sales (MoM) (JUL)

14:00

0.6%

0.7%

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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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