GBP/USD: Bearish Reversal Hinted at Channel Top

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GBP/USD: Bearish Reversal Hinted at Channel Top

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British Pound Little Changed in Asia, Industrial Production on Tap Ahead

The British Pound was little changed in Asian trade, treading water near familiar levels ahead of a report that is expected to show industrial production shrank at the slowest annual pace in nearly two years.

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British Pound Little Changed in Asia, Industrial Production on Tap Ahead

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The British Pound was little changed in Asian trade, treading water near familiar levels ahead of a report that is expected to show industrial production shrank at the slowest annual pace in nearly two years.

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British Pound Little Changed in Asia, Industrial Production on Tap Ahead

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Pound Directionless As Monetary Policy Remains Uncertain

The GBP/USD appears directionless as its main drivers of price action have continued to lose influence. Risk trends hold the strongest relationship with a 33% correlation, but recent divergence has seen the level of explanation slide from 41% a month ago. The support that risky assets have generated hasn’t translated into sterling gains as the prospect of more quantitative easing from the BoE continues to weigh. U.K. interest rate expectations have seen their correlation fade from 14% to 1% in the past month as the central bank has trailed its counterparts in bringing an end to liquidity providing efforts. Therefore, we could see a continuation of the current trend until the release of the BoE minutes next week which will provide insight into future monetary policy.     

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Pound Directionless As Monetary Policy Remains Uncertain

Here’s an interesting a:1:{i:0;s:8:”TkRnMQ==”;} post from DailyFX:

The GBP/USD appears directionless as its main drivers of price action have continued to lose influence. Risk trends hold the strongest relationship with a 33% correlation, but recent divergence has seen the level of explanation slide from 41% a month ago. The support that risky assets have generated hasn’t translated into sterling gains as the prospect of more quantitative easing from the BoE continues to weigh. U.K. interest rate expectations have seen their correlation fade from 14% to 1% in the past month as the central bank has trailed its counterparts in bringing an end to liquidity providing efforts. Therefore, we could see a continuation of the current trend until the release of the BoE minutes next week which will provide insight into future monetary policy.     

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

The Japanese Yen strengthened across the board as investors scaled back their appetite for risk, while the British Pound extended the decline from earlier this week and slipped to a low of 1.4937 as Fitch Ratings held a cautious outlook for the U.K.

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

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The Japanese Yen strengthened across the board as investors scaled back their appetite for risk, while the British Pound extended the decline from earlier this week and slipped to a low of 1.4937 as Fitch Ratings held a cautious outlook for the U.K.

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

The British Pound declined against the spectrum of major currencies in overnight trade after a disappointing set of house price and retail sales figures as well as rumors that Moody’s may downgrade the bonds of several UK banks.

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

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The British Pound declined against the spectrum of major currencies in overnight trade after a disappointing set of house price and retail sales figures as well as rumors that Moody’s may downgrade the bonds of several UK banks.

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

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British Pound Testing Potentially Strong Resistance 03-08

The GBPUSD has met resistance from former support / the 38.2% of the decline from 15825, at 15181. Channel resistance reinforces the current level.

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British Pound Testing Potentially Strong Resistance 03-08

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The GBPUSD has met resistance from former support / the 38.2% of the decline from 15825, at 15181. Channel resistance reinforces the current level.

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British Pound Testing Potentially Strong Resistance 03-08

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British Pound Pares Decline as BoE Maintains Current Policy, ECB Holds Interest Rate at 1.00%

The British Pound bounced back from the low (1.5022) as the Bank of England held the benchmark interest rate at 0.50% and maintained its asset purchase program at GBP 200B this month, and we may see the exchange rate retrace the sharp decline carried over from the previous weak as the daily RSI rebounds from oversold territory.

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British Pound Pares Decline as BoE Maintains Current Policy, ECB Holds Interest Rate at 1.00%

This is from DailyFX:

The British Pound bounced back from the low (1.5022) as the Bank of England held the benchmark interest rate at 0.50% and maintained its asset purchase program at GBP 200B this month, and we may see the exchange rate retrace the sharp decline carried over from the previous weak as the daily RSI rebounds from oversold territory.

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British Pound Pares Decline as BoE Maintains Current Policy, ECB Holds Interest Rate at 1.00%

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GBP/JPY Channel Offers Set-up with Profit Potential

A looming BoE rate decision will most likely lead to quiet price action before the determination of future monetary policy. A degree of volatility should be expected following the decision, as it appears that markets have priced in the potential for the central bank to add to their quantitative easing.

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GBP/JPY Channel Offers Set-up with Profit Potential

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A looming BoE rate decision will most likely lead to quiet price action before the determination of future monetary policy. A degree of volatility should be expected following the decision, as it appears that markets have priced in the potential for the central bank to add to their quantitative easing.

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GBP/JPY Channel Offers Set-up with Profit Potential

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Canadian Dollar Pares Overnight Decline, British Pound Slips to Fresh Yearly Low

The Canadian dollar pared the overnight decline and is currently the best performing currency against the greenback on Monday, while the British Pound slipped to a fresh yearly low of 1.4784 as the economic docket reinforced a weakened outlook for the U.K.

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Canadian Dollar Pares Overnight Decline, British Pound Slips to Fresh Yearly Low

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The Canadian dollar pared the overnight decline and is currently the best performing currency against the greenback on Monday, while the British Pound slipped to a fresh yearly low of 1.4784 as the economic docket reinforced a weakened outlook for the U.K.

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Canadian Dollar Pares Overnight Decline, British Pound Slips to Fresh Yearly Low

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British Pound Plunges; Reaches Fibonacci Confluence

The GBPUSD is down over 300 pips today and the decline has nearly reached a confluence of Fibonacci extensions. Near term, consolidation in a small 4th wave should lead to additional weakness in wave 5.

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British Pound Plunges; Reaches Fibonacci Confluence

From DailyFX:

The GBPUSD is down over 300 pips today and the decline has nearly reached a confluence of Fibonacci extensions. Near term, consolidation in a small 4th wave should lead to additional weakness in wave 5.

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British Pound Plunges; Reaches Fibonacci Confluence

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