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GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?

GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?

David Song, Strategist

Talking Points:

- GBP/USD Retains Bearish Momentum Ahead of U.K. Consumer Price Index (CPI) .

- USD/CAD Bullish Outlook Remains Favored Despite Strong Canada Employment

- USDOLLAR Marks Lower-Highs With More Fed Rhetoric on Tap Next Week.

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GBP/USD Daily Chart
  • GBP/USD continues to carve lower-highs during first full-week October as bearish momentum in Relative Strength Index (RSI) remains in play.
  • With the U.K. Consumer Price Index (CPI) expected to slow to an annualized 1.4% from 1.5% in August, the next downside objective comes in around 1.5890 (61.8% retracement) to 1.5900 (50.0% expansion).
  • The DailyFX Speculative Sentiment Index (SSI) for GBP/USD continues to highlight a net-long retail positioning after flipping on October 2, with the ratio currently standing at +1.38.


USD/CAD Daily Chart
  • Despite 74.1K rise in Canada Employment, USD/CAD continues to hold opening monthly range, with the bullish RSI momentum providing conviction/confirmation for a further advance.
  • With the inverse head-and-shoulders pattern highlighting a bullish bias, next topside objective comes in around 1.1300 pivot to 1.1320 (61.8% expansion).
  • Canada Consumer Price Index (CPI) may cast bearish outlook for the Canadian dollar as the headline reading for inflation is expected to slow to an annualized 2.0% from 2.1% in August.

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Read More:

Price & Time: EUR/USD Correction Over?

FX Markets Flash Classic ’Risk Off’ Mode, Boosting Demand for JPY, USD

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index remains at risk for a larger near-term decline as it appears to be carving a series of lower-highs, while bearish RSI momentum takes shape.
  • Will continue to watch Fed commentary next week, especially as Chair Janet Yellen is scheduled to speak at the Boston Fed Conference on October 17.
  • 10,869 (78.6% retracement) to 10,887 (61.8% retracement) will be the near-term region of interest, followed by 10, 752 (38.2% expansion) to 10,759 (61.8% retracement).

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Import Price Index (MoM) (SEP)




Import Price Index (YoY) (SEP)




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Fed's John Williams Speaks on Chinese Exchange Rate


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--- Written by David Song, Currency Analyst

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

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