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GBP/USD Holds 1.47 Support Despite Dovish BoE- Divergence Takes Shape

GBP/USD Holds 1.47 Support Despite Dovish BoE- Divergence Takes Shape

David Song, Strategist

Talking Points:

- GBP/USD Struggles as BoE’s Haldane Sees Risk for Rate Cut/Hike.

- USD/CAD 1.2800 Resistance in Focus Ahead of Canada CPI, Retail Sales.

- USDOLLAR Retains Bullish Formation Post-FOMC; Inflation to Contract for Second Month.

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

GBP/USD

GBP/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • GBP/USD under pressure as Bank of England’s (BoE) Andy Haldane argues that the central bank could cut or hike the U.K. benchmark interest rate; bearish sentiment surrounding the sterling may continue to take shape ahead of the U.K. election in May as the BoE remains in no rush to normalize monetary policy.
  • Nevertheless, string of closes above 1.4700-10 (78.6% expansion) raises the risk for a larger rebound in GBP/USD as the RSI continues to come off of oversold territory.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since February 26, with the ratio now climbing to +2.29.

USD/CAD

USD/CAD Daily Chart
  • USD/CAD may continue to face range-bound prices as the bearish RSI momentum remains intact; need a topside break in the oscillator accompanied by a close above the 1.2800 resistance zone to favor a continuation of the bullish trend.
  • A slowdown in Canada’s core Consumer Price Index (CPI) along with another decline in Retail Sales may act as the fundamental catalyst to spark a further advance in USD/CAD should the data prints fuel bets for another Bank of Canada (BoC) rate cut.
  • Close above the 1.2800 handle should expose the next topside area of interest coming in around 1.2940 (78.6% retracement/50% retracement).

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

Read More:

Price & Time: Euro Correction Already Over?

GBPCAD at Support- Scalps Target 1.8785 Ahead of Key Data

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12104.36

12110.98

11947.84

1.07

212.03%

GBP/USD Holds 1.47 Support Despite Dovish BoE- Divergence Takes ShapeUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite bearish reaction to the Federal Open Market Committee (FOMC) interest rate decision, the near-term outlook for the Dow Jones-FXCM U.S. Dollar index remains supportive as price and the RSI retains the bullish formations.
  • The U.S. Consumer Price Index (CPI) due out next week may produce headwinds for the greenback as the headline reading is expected to contract an annualized 0.1% for the second consecutive month in February.
  • Should the USDOLLAR carve out a higher-low going into the end of March, may pave the way for a more meaningful assault at 12,176 (78.6% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Initial Jobless Claims (MAR 14)

12:30

293K

291K

Continuing Claims (MAR 7)

12:30

2400K

2417K

Philadelphia Fed Business Optimism Survey (MAR)

14:00

7.0

5.0

Leading Index (FEB)

14:00

0.2%

0.2%

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--- Written by David Song, Currency Analyst

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

To be added to David's e-mail distribution list, please follow this link.

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