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.

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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pbfmvnsvuu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NL3bVphnYH
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uZ1HjcIJ4q
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:https://t.co/EWLFXK1q3q https://t.co/4XSSNxobMo
  • The Gold price sell-off has broken below key technical barriers and leaves the outlook for XAU/USD weighted to the downside heading into the close of the month. Get your $XAUUSD technical analysis from @MBForex here:https://t.co/3YLcAFlr5f https://t.co/1uFb9UkDvV
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OvThGydQBs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Yq6wLxhblV
  • Vaccine Optimism Sparks 28% Increase in Oil Prices. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/F3AlSkniXk https://t.co/qevY4Gh6o9
GBP/USD November Rebound at Risk on Dovish BoE Testimony

GBP/USD November Rebound at Risk on Dovish BoE Testimony

2015-11-23 17:55:00
David Song, Strategist
Share:

Talking Points:

- GBP/USD November Rebound at Risk on Dovish BoE Testimony.

- USD/JPY Advance to Gather Pace on Slowing Japan Consumer Price Index (CPI).

- USDOLLAR Bull-Flag Takes Shape Ahead of 3Q GDP Report.

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 remains at risk of giving back the rebound from earlier this month as the pair appears to have cared another lower-high in November, while the Relative Strength Index (RSI) retains the bearish formation from back in May; break of the monthly low(1.5026) may expose the next downside region of interest around 1.4920 (61.8% retracement() to 1.4930 (38.2% expansion).
  • With the Bank of England (BoE) scheduled to testify on its quarterly inflation report (QIR), dovish comments from Governor Mark Carney and Co. may produce a further decline in the exchange rate as the central bank sees U.K. inflation holding below 1% until Spring 2016.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since November 19, with the ratio advancing to +1.16 as 54% of traders are now long.

USD/JPY

USD/JPY Daily Chart
  • Long-term outlook for USD/JPY remains tilted to the upside amid the deviating paths for monetary policy, but the Bank of Japan (BoJ) Minutes may have a limited impact in weakening the Yen as Governor Haruhiko Kuroda and Co. remains in no rush to further embark on its easing cycle.
  • Will continue to favor the approach of looking for opportunities to ‘buy-dips’ in USD/JPY as price & RSI retain the upward trend, while Japan’s Consumer Price Index (CPI) may put increased pressure on the BoJ to expand its asset-purchase program amid expectations for a downtick in the core-core rate of inflation.
  • Waiting for a break/close above 123.75 (50% expansion) to open up the next topside region of interest around 124.30 (161.8% expansion).

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12177.84

12188.74

12155.61

0.22

75.81%

GBP/USD November Rebound at Risk on Dovish BoE TestimonyUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the weaker-than-expected data coming out of the U.S. economy, the USDOLLAR appears to be carving out a bull-flag pattern amid expectations for a December Fed rate-hike; will retain a constructive outlook on the greenback as the continuation pattern takes shape.
  • With the advance U.S. 3Q Gross Domestic Product (GDP) report expected to show an upward revision in the growth rate to reflect a 2.1% expansion, signs of a stronger recovery may boost the appeal of the greenback as Fed Chair Janet Yellen remains confident in achieving the 2% inflation target over the policy horizon.
  • Will continue to watch the topside targets around12,273 (161.8% expansion) to 12,296 (100% expansion) as the USDOLLAR holds above former resistance around 12,049 (78.6% retracement) to 12,082 (61.8% expansion, will retain a constructive outlook for the greenback, with the next topside hurdles coming in around.
GBP/USD November Rebound at Risk on Dovish BoE Testimony

Read More:

COT - Largest AUD Net Spec Short Position Since March

USD/JPY Technical Analysis: Shaken, Not Stirred Above 122

Draghi’s Dovish Reminder Keeps EUR/USD Downtrend Intact

WTI Crude Oil Price Forecast: A Year-End Present For Bulls?

--- 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

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

DISCLOSURES