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GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

2019-06-17 12:35:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT –GBPUSD Bounces Off Flash Crash Trendline Support

DailyFX Q2 2019 FX Trading Forecasts

USD: Ahead of a key risk events, the greenback is holding onto Friday’s gains following the robust retail sales data. The focus for USD pairs will be on the FOMC meeting on Wednesday and whether the central bank will meet the aggressive dovish market expectations. While there is no move expected in this week’s meeting, the central bank is seen easing by 25bps at the July meeting, according to Fed Funds Futures.

GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

EUR: Amid the sizeable decline in inflation expectations, traders will be paying close attention to commentary from ECB’s Draghi, who may provide fresh policy signals in order to address the plummet in inflation expectations. The Euro is slightly firmer this morning, with 1.12 holding in EURUSD, while EURGBP made another push above 0.8900. Of note, large option expiries between 1.12 and 1.13 could keep EURUSD within a relatively tight range ahead of the Fed meeting.

GBP: Initial weakness in the Pound had been curbed having bounced off the trendline support from the GBP flash crash low, while the slight pullback in the USD index had also aided the currency to test the 1.26 handle. Elsewhere, the BoE are scheduled to release their latest monetary policy outlook, however, while there has been increased hawkish rhetoric from several members, the central bank remains tight lipped by the ongoing Brexit uncertainty.

GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

Source: DailyFX, DTCC

GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

Source: DailyFX, Thomson Reuters

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GBPUSD Bounces Off Key Trendline Support from Flash Crash Low - US Market Open

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WHAT’S DRIVING MARKETS TODAY

  1. Gold Price Outlook Positive, Silver Price Continues to Struggle” by Nick Cawley, Market Analyst
  2. US Dollar Outlook Less Bullish, CHF Shorts Cut, CAD Longs Boosted - COT Report” by Justin McQueen, Market Analyst
  3. DAX 30 & CAC 40 Charts Stabilizing, Looking Higher” by Paul Robinson, Currency Strategist
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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