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GBP/USD Carves Inverse H&S Pattern Ahead of Key U.K. Data Prints

GBP/USD Carves Inverse H&S Pattern Ahead of Key U.K. Data Prints

David Song, Strategist

Talking Points:

- GBP/USD to Mount Larger Recovery on Rising U.K. Inflation.

- USDOLLAR Outlook Remains Mired by Waning Fed-Rate Expectations.

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

GBP/USD

GBP/USD Daily Chart

Chart - Created by David Song

  • The British Pound stands at risk of facing additional headwinds over the coming months as the Bank of England (BoE) looks to reestablish its easing cycle, but GBP/USD may stage a larger recovery over the days ahead as the headline as well as the core reading for the U.K. Consumer Price Index (CPI) is anticipated to pick up in June.
  • Even though BoE board member Gertjan Vlieghe pushes for a further reduction in the benchmark interest rate, there appears to be a rift within the Monetary Policy Committee (MPC) as Martin Weale argues the central bank should ‘wait for firmer evidence before making any policy change and least in the absence of any strong arguments for an immediate change.’
  • Will look for a larger recovery in GBP/USD as the Relative Strength Index (RSI) comes off of oversold territory, with a closing price above 1.3360 (50% expansion) to 1.3370 (78.6% expansion) opening up the next topside hurdle around 1.3640 (38.2% retracement) to 1.3720 (61.8% expansion).
DailyFX SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail crowd flipped back net-long GBP/USD on July15, with the ratio hitting an extreme reading following the U.K. Referendum as it climbed to +2.95.
  • The ratio currently sits at +1.25.

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

US Dollar Index

12025.69

12038.22

12019.64

-0.05

26.73%

GBP/USD Carves Inverse H&S Pattern Ahead of Key U.K. Data PrintsUSDOLLAR Daily Chart

Chart - Created by David Song

  • The USDOLLAR may remain range-bound over the coming days as the economic docket stands fairly light for the week, while Fed Funds Futures show a zero percent probability for a rate-hike at the July 27 interest-rate decision.
  • The greenback stands at risk of facing additional headwinds over the coming months should the Federal Open Market Committee (FOMC) attempt to buy more time and further delay the normalization cycle; may see another unanimous vote to retain the current policy at the next interest-rate decision on July 27.
  • Looks as though the USDOLLAR needs a more meaningful fundamental catalyst to clear the near-term range as it remains capped by 12,049 (78.6% retracement) to 12,064 (61.8% retracement), with support coming in around 11,951 (38.2% expansion) to 11,965 (23.6% retracement).
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Read More:

Technical Focus: Copper Base Still a Work in Progress

Silver Prices: Spiral Higher Triggers Historical Momentum Readings

USD/CAD Technical Analysis: Looking Ready To Claw-Back H1 Losses

USD/JPY Technical Analysis: The Proverbial Falling Knife

--- 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.

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

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