GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?

David Song

Talking Points:

- Bearish USDOLLAR Setup Remains in Play; 10,440 Up Next (78.6% Fibonacci Retracement)

- Japanese Yen Benefits From Less-Dovish Bank of Japan (BoJ); 101.00 in Sight

- GBP/USD Continues to Carve Higher Lows Ahead of BoE; Higher High on Tap?

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10457.81

10532.99

10457.08

-0.70

208.92%

USDOLLAR Daily

GBPUSD-Eyes-Higher-High-Ahead-of-BoE-1.6850-60-on-Tap_body_Picture_3.png, GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?
GBPUSD-Eyes-Higher-High-Ahead-of-BoE-1.6850-60-on-Tap_body_Picture_3.png, GBP/USD Eyes Higher High Ahead of BoE; 1.6850-60 on Tap?

Chart - Created Using FXCM Marketscope 2.0

  • Bearish Price & RSI Continues to Favor Downside Targets
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,440 (78.6 retracement)

Release

GMT

Expected

Actual

NFIB Small Business Optimism (MAR)

11:30

200K

192K

Fed's Narayana Kocherlakota Speaks on U.S. Economy

17:30

Fed's Charles Plosser Speaks on Bank Regulation

18:45

Click Here for the DailyFX Calendar

Read More:

Price & Time: USD & Stocks Losing Luster

Is USDJPY Finally Breaking Lower? One Critical Factor We’re Watching

--- 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

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.