DailyFX.com -

Talking Points:

- GBP/USD Holds Near-Term Support Despite Unanimous BoE Vote

- NZD/USD Outlook Hinges on Reserve Bank of New Zealand (RBNZ) Outlook

- USDOLLAR Topping Process Remains in Focus; 10,470 in View





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index







  • Slips to a fresh weekly low of 1.7022 as Bank of England (BoE) Minutes shows a 9-0 vote to retain current policy.
  • Sitting at key Fibonacci confluence around 1.7020-30; lower-high in place?
  • Markets turning attention to the BoE Inflation report due out on August 13 as there appears to be a growing rift within the Monetary Policy Committee (MPC).
  • DailyFX Speculative Sentiment Index (SSI) continues to show net-short positioning in GBP/USD as the ratio stands at -2.6125.


  • Reserve Bank of New Zealand (RBNZ) is widely expected to deliver another 25bp rate hike, but forward-guidance for monetary policy will be key focus.
  • Need greater willingness from RBNZ Governor Graeme Wheeler for another rate hike later this year.
  • According to Credit Suisse Overnight Index Swaps (OIS), 12-month expectations show the cash rate increasing by 70bp.

For more updates, sign up for David's e-mail distribution list.

GBP Crosses Sitting at Support Following BoE- U.K. 2Q GDP in Focus

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Unbreakable

BoE Sings Dovish Tune - How Threatened are GBP Longs?


GBP Crosses Sitting at Support Following BoE- U.K. 2Q GDP in Focus

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index remains at risk of a near-term topping process as it retains the descending channel from earlier this year.
  • Will need to see another close above 10,440 (78.6% Fibonacci retracement) to look for a more meaningful run at the 10,470 pivot.
  • A bearish break in the Relative Strength Index (RSI) may suggest that a lower-high is in place.
  • Interim Resistance: 10,508 (61.8% retracement) to 10,524 (38.2% retracement)
  • Interim Support: 10,354 (Oct. low) to 10,375 (50.0& retracement)





MBA Mortgage Applications (JUL 18)




DOE U.S. Crude Oil Inventories (JUL 18)




DOE U.S. Distillate Inventory (JUL 18)




DOE U.S. Gasoline Inventories (JUL 18)




Click Here for the DailyFX Calendar

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  7. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  8. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  9. Investing

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  10. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Trading Center