Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Retail FX Turns Net-Short Despite Fresh June High

GBP/USD Retail FX Turns Net-Short Despite Fresh June High

David Song, Strategist

Talking Points:

- GBP/USD Retail Crowd Flips Net-Short Ahead of BoE Minutes.

- USD/JPY Bullish Outlook at Risk on Lack of BoJ Verbal Intervention.

- USDOLLAR Continues to Carve Lower-Highs Ahead of Fed Meeting.

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 may continue to retrace the decline from May (1.5814) amid the ongoing series of higher lows in the exchange rate; a further decline in U.K. Jobless Claims paired with a further advance in Average Weekly Earnings may boost the appeal of the sterling as the Bank of England (BoE) remains on course to raise the benchmark interest rate off of the record-low.
  • Even though the BoE retains a wait-and-see approach, may see the sterling continue to outperform against its major counterparts should the meeting minutes show signs of a growing dissent within the Monetary Policy Committee (MPC).
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd has flipped net-short GBP/USD earlier this morning, with the ratio currently standing at -1.13.

USD/JPY

USD/JPY Daily Chart
  • USD/JPY appears to have made another failed attempt to push back above former support around 123.80-90 (50% expansion) even as Bank of Japan (BoJ) Governor Haruhiko Kuroda has little intentions to impact the exchange rate.
  • The BoJ is widely expected to retain its current policy at the June 19, but the lack of verbal intervention may heighten the appeal of the Japanese Yen as market participants scale back bets for a further expansion in the asset-purchase program.
  • Break/close below 122.30-40 (78.6% retracement) to raise the risk for a larger pullback in USD/JPY.

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

Read More:

Price & Time: Key Week For the Euro?

Scalp Webinar: Bearish USD Technical Outlook to Face Upbeat FOMC

USDOLLAR(Ticker: USDollar):

IndexLastHighLowDaily Change (%)Daily Range (% of ATR)
DJ-FXCM Dollar Index11849.4911890.2211849.19-0.1156.13%
USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar continues to carve a narrowing range ahead of the Federal Open Market Committee’s (FOMC) June 17 interest rate decision as the fundamental developments coming out of the U.S. economy fails to encourage expectations for a stronger recovery.
  • String of lower highs in USDOLLAR may continue to highlight a near-term bearish outlook, with signs of a further delay in the Fed’s normalization cycle is likely to encourage a larger retracement of the advance from May (11,634).
  • Nevertheless, looks as though the Fibonacci overlap around 11,826 (61.8% expansion) to 11,843 (38.2 retracement) will continue to offer near-term support, with a dovish Fed raising the risk for a move back towards 11,745 (50% retracement) to 11,759 (23.6% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

Click Here for the DailyFX Calendar

--- 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.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES