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Daily Report: Sterling Resumes Down Trend after BoE Inspired SelloffSterling is now the second weakest currency next to Japanese yen after the post BoE inflation report selloff. Markets are expecting BoE to start raising interest rate from the record low of 0.50% in late 2015. And the pace of tightening after that would be slow. Rate might reach 2% level by the end of 2017. And that's subject to the negative impact from stagnation in Eurozone. BoE governor Mark Carney noted that "developments in the world economy mean some of the downside risks to growth in earlier projections have crystallized." And, "a specter is now haunting Europe - the specter of economic stagnation." |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5721; (P) 1.5831; (R1) 1.5886; More... GBP/USD drops to as low as 1.5759 so far today. The break of 1.5789 support indicates resumption of fall from 1.7190. Intraday bias is back on the downside for 61.8% retracement of 1.4813 to 1.7190 at 1.5721 next. Sustained break will pave the way to 1.4813 key support level. On the upside, above 1.5944 will indicate short term bottoming and bring stronger rebound back to 1.6184 resistance. |
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US Session: Orders and Options WatchGBP: The British pound tumbled as BOE cut growth and inflation forecast in quarterly inflation report, bids at 1.5900-05, 1.5875-80, 1.5850 and 1.5825-35 were filled, however, buy orders are still noted at 1.5800-10, fresh demand should emerge around 1.5775-85, 1.5750-60 and 1.5725-35. On the upside, offers are lowered to 1.5840 and 1.5875-80, more sell orders are tipped at 1.5900-10 and in good size at 1.5940-50 (stops above), selling interest is expected at 1.5975-85, 1.6000-10 and 1.6025-30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.7800Despite intra-day retreat to 0.7802, as the single currency has staged a strong rebound after holding above previous support at 0.7799, retaining our bullishness and consolidation with upside bias remains for test of resistance at 0.7913, however, break there is needed to suggest low is formed, bring a stronger rebound to 0.7940-50, break there would signal the retreat from 0.8047 has ended and bring a stronger rebound to 0.8000. Trade Idea: USD/CAD - Buy at 1.1260As the greenback has fallen again after brief bounce to 1.1402 yesterday, retaining our view that further consolidation below last week's high at 1.1467 would be seen and another corrective fall to 1.1254-59 (61.8% Fibonacci retracement of 1.1122-1.1467 and previous minor support) but renewed buying interest should emerge there and bring another rebound, above 1.1402 would signal the pullback from 1.1467 has ended and bring retest of this resistance, above there would signal the rise from 1.0660 low has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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