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2013-08-07 03:20 GMT
GBP/USD fading after failed test of 1.5435 level; BOE report looms
The GBPUSD runs the risk of cascading lower yet again after it ran up to “correction resistance” and failed. The BOE’s inflation report and Mr. Carney’s appearance before Parliament are sure to create a sharp move.
The GBP/USD cross rallied sharply on Dollar weakness following Friday’s jobs report in the US. The bullish tone carried over into Sunday night’s open and continued to stair-step higher until just after Britain’s industrial and manufacturing production numbers were released. Shortly after those numbers came out, the GBP/USD began to sell off – this time in a stair-step pattern in the opposite direction. So far, there is still a chance that the latest bit of selling is just a correction lower leading up to the next thrust higher. But, technicians say that a break below 1.5213 would put out any bullish flame.
Coming into Wednesday’s key quarterly inflation report from the Bank of England and Tuesday morning, the afore-mentioned 1.5213 support and the 1.5435 resistance will be the critical levels to watch. The next big move in GBP/USD will occur after a break and close through either level. Clearly, the inflation report and any guidance from Carney have the potential to effectuate such a break. The technical crowd is calling for a continued intermediate-term move lower in GBP/USD– at least down to 1.4800 (from 1.52687 currently). Shorter-term resistance for GBP/USD comes in at the 1.5435 macro “correction resistance”. Support for GBP/USD comes in at 1.5213 – the pivot low from Friday afternoon - and is followed by Friday’s low of 1.5102.-FXstreet.com
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2013-08-07 09:30 GMT
Bank of England Quarterly Inflation Report
2013-08-07 09:30 GMT
Mark Carney speaks at UK Parliament
2013-08-07 12:30 GMT
Canada. Building Permits (MoM) (Jun)
2013-08-07 19:00 GMT
US Consumer Credit Change (Jun)
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2013-08-07 05:20 GMT
EUR/GBP up after Tuesday’s gains ahead of BOE inflation report
2013-08-07 04:26 GMT
AUD/USD downtrend dominant; targets at 0.8550, 0.8675 - ANZ
2013-08-07 03:20 GMT
GBP/USD fading after failed test of 1.5435 level; BOE report looms
2013-08-07 02:49 GMT
Risk of a dovish BoJ - RBS
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EURUSD
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HIGH
1.33156
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LOW
1.32926
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BID
1.33025
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ASK
1.33028
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CHANGE
-0.02%
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TIME
08:41:08
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: EURUSD trapped to the consolidation mode on the hourly chart frame. Next resistive barrier is seen at 1.3315 (R1), break here is required to enable next attractive points at 1.3324 (R2) and 1.3332 (R3).
Downwards scenario: While instrument trades above the moving averages, our short-term bias would stay positive though penetration below the support level at 1.3292 (S1) might open way towards to lower targets at 1.3283 (S2) and 1.3273 (S3).
Resistance Levels: 1.3315, 1.3324, 1.3332
Support Levels: 1.3292, 1.3283, 1.3273
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GBPUSD
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HIGH
1.53635
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LOW
1.53173
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BID
1.53347
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ASK
1.53352
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CHANGE
-0.09%
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TIME
08:41:08
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Possibility of uptrend evolvement is seen above the next resistance at 1.5363 (R1). Violation here would increase bullish pressure and suggest next intraday targets at 1.5387 (R2) and 1.5412 (R3).
Downwards scenario: Our next support level is placed at 1.5317 (S1), right below the local minimum. Possible penetration below it might initiate bearish pressure and gradually push the price towards to our intraday targets at 1.5295 (S2) and 1.5273 (S3).
Resistance Levels: 1.5363, 1.5387, 1.5412
Support Levels: 1.5317, 1.5295, 1.5273
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USDJPY
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HIGH
97.804
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LOW
97.092
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BID
97.226
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ASK
97.230
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CHANGE
-0.52%
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TIME
08:41:09
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Descending structure suggests possible correction ahead. Break above the resistance at 97.58 (R1) would clear the way towards to higher target at 97.83 (R2). Further price appreciation would face then final resistive measure at 98.07 (R3)
Downwards scenario: Local low offers an important supportive measure at 97.08 (S1). A violation here might call for a run towards to initial targets at 96.84 (S2) and 96.58 (S3).
Resistance Levels: 97.58, 97.83, 98.07
Support Levels: 97.08, 96.84, 96.58
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