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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?

2014-10-10 16:35:00
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.

For more updates, sign up for David's e-mail distribution list.


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.

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

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).

Join DailyFX on Demand for Real-Time SSI Updates!





Import Price Index (MoM) (SEP)




Import Price Index (YoY) (SEP)




Fed's Charles Plosser Speaks on Monetary Policy


Fed's Esther George Speaks on U.S. Economy


Fed's Jeffrey Lacker Speaks on Financial Firm Bankruptcy


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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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