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Mid-Day Report: Sterling Jumps as One More BoE Member Turned HawkSterling jumps earlier today as BoE minutes unveiled that one more member favored tightening in last meeting. Spencer Dale, after Andrew Sentance and Martin Weale, voted for increasing interest rates amid heightened inflationary pressures. Among the remaining 6 voting members, 5 voted to keep the Bank rate at 0.5% and the asset-purchase program at 200B pound while one favored extending the size of the program. Policymakers acknowledged that global inflation has picked up recently. According to the central bank, much of the rise in global inflation 'had reflected a rise in commodity prices'. While the rally in agriculture prices due to temporary supply shortage was the most significant, the situations in energy and metals have been getting more and more serious. The BOE forecast that some commodity prices could 'rise further if the global economy continued to grow robustly'. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6080; (P) 1.6154; (R1) 1.6207; More. GBPUSD rises to 1.6271 so far today but is limited by 1.6276 near term resistance. Intraday bias remains neutral and consolidations from 1.6276 could still continue with another fall. Below 1.6100 minor support will flip bias back to the downside for 1.5962 support. Nevertheless, we'll stay bullish in GBP/USD as long as 1.5750 support holds and expect another rally eventually. On the upside, decisive break of 1.6276 will confirm that whole rise from 1.5343 has resumed. In such case, GBP/USD should target 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next. |
| conomic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9475Although the greenback has remained under pressure after breaking yesterday's low at 0.9367, loss of near term downward momentum should prevent sharp fall below previous chart support at 0.9329 and recent low at 0.9301 should hold from here, bring a rebound later. Above the Kijun-Sen (now at 0.9394) would bring retracement to previous support at 0.9415 and possibly towards the Ichimoku cloud (now at 0.9458-74) where renewed selling interest should emerge, bring another decline later Trade Idea: AUD/USD –Sell at 1.0120Despite falling to 0.9966 yesterday, as aussie has rebounded today, suggesting further consolidation would take place and recovery to 1.0100 and possibly 1.0120 cannot be ruled out, however, last week's high at 1.0158 should hold, bring another retreat later. A break of said support would extend weakness to 0.9944, however, break there is needed to retain bearishness and extend weakness to 0.9900. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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