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  • The British Pound's technical posture against the Australian Dollar, Canadian Dollar and Swiss Franc presents near-term levels that may dictate upcoming price action. Get your market update from @FxWestwater here:
  • (Market Alert) Singapore Dollar Gains on MAS, GDP Beat. Will USD/SGD Breach Key Support? $USDSGD #SGD #MAS #Singapore #GDP
  • The Swiss Franc has positioned itself against key levels versus the Australian Dollar, New Zealand Dollar and Euro over the past week. Where next for AUD/CHF, NZD/CHF and EUR/CHF? Find out from @FxWestwater here:
  • Heads Up:🇦🇺 Westpac Consumer Confidence Index (APR) due at 00:30 GMT (15min) Previous: 111.8
  • 🇸🇬 GDP Growth Rate QoQ Adv (Q1) Actual: 2.0% Previous: 3.8%
  • $USDSGD sinking to its lowest since April 7th/9th after #Singapore 1Q GDP surprised higher #MAS also left policy largely unchanged The passing of key event risk likely opened the door for #SGD to advance following #USD weakness on Wall Street (full alert to follow!)
  • 🇸🇬 GDP Growth Rate YoY Adv (Q1) Actual: 0.2% Expected: -0.2% Previous: -2.4%
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  • Heads Up:🇸🇬 Monetary Policy Statement due at 00:00 GMT (15min)
  • Heads Up:🇸🇬 GDP Growth Rate QoQ Adv (Q1) due at 00:00 GMT (15min) Previous: 3.8%
GBP/USD Holds Key Support- Waiting on RSI Trigger for Larger Rebound

GBP/USD Holds Key Support- Waiting on RSI Trigger for Larger Rebound

David Song, Strategist

Talking Points:

- GBP/USD Remains Capped by Bearish RSI Momentum; BoE Hawks on Tap

- AUD/USD Outlook Mired by Renewed Bets for RBA Rate Cut,Weakening Outlook for China.

- USDOLLAR Comes Off of Channel Resistance; Retail Sales & U. of Michigan Confidence in Focus.

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Chart - Created Using FXCM Marketscope 2.0

  • GBP/USD coming off of key support around 1.5540 (61.8% expansion) to 1.5550 (78.6% retracement), but need a break of the bearish momentum in the Relative Strength Index (RSI) to favor a larger rebound.
  • Will keep a close on the news wires with Bank of England (BoE) hawks Martin Weale and Ian McCafferty are scheduled to speak this week.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since October 28, with the ratio currently holding at +1.32.


AUD/USD Daily Chart.
  • AUD/USD remains vulnerable to a further decline on the back of the weakening outlook for China – Australia’s largest trading partner; will retain approach to sell-bounces as RSI pushes deeper into oversold territory.
  • Despite renewed bets for additional monetary support from the Reserve Bank of Australia (RBA), the region’s employment report may heighten the appeal of the higher-yielding currency as job growth is expected to climb another 15.0K in November.
  • Will watch the 0.8200 handle for psychological support, but next key downside level of interest comes in around 0.8150 (100% expansion).

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Read More:

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Weekly Trading Forecast: Is this the Week EURUSD Finally Breaks 1.2000?

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






GBP/USD Holds Key Support- Waiting on RSI Trigger for Larger ReboundUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Even though Dow Jones-FXCM U.S. Dollar struggles to break channel resistance, topside targets remain favored as RSI pushes back into overbought territory.
  • Another uptick in U.S. Advance Retail Sales & U. of Michigan Confidence survey should further boost the bullish sentiment surrounding the greenback as it bodes well for the holiday shopping season and fuels interest rate expectations.
  • Will continue to keep a close eye on 11,539 (78.6% expansion) followed by 11,623 (100% expansion).

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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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