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| Action Insight Weekly Report | Markets Snapshot |
Dollar and Sterling Possibly Reversing after Disappointing Key EventsThe highly anticipated events of last week were somewhat disappointing. US delivered a solid non-farm payroll report but markets seemed to be unconvinced that was enough to secure a rate hike from Fed in September. Dollar index initially rose to 98.33 and looked like it's resuming recent rise. But the greenback then pared back much of the gains before the weekly close. And, the dollar index dipped to close at 97.56, just slightly above prior week's 97.19. The BoE super Thursday was also a bit disappointing as the overall results were less hawkish than anticipated. Sterling was sold off quite deeply in crosses since than. The developments now opened up the cases for near term reversal in dollar and sterling, which was both strong back in July. |
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| Featured Technical Report | |
GBP/JPY Weekly OutlookGBP/JPY rose further to 195.24 last week but reversed after failing to hit 195.86 resistance. Our view is unchanged that price actions from 195.86 are forming a sideway consolidation pattern. Fall form 195.24 could be the third leg. Initial bias is mildly on the downside this week for 190.99 first. Break will confirm and target 184.95 and below. In that case, we'd expect strong support from 61.8% retracement of 174.86 to 195.86 at 182.88 to contain downside. Meanwhile, in case of another rise, we'd still expect strong resistance from 195.86 to limit upside and bring reversal. |
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The Week in Review and Outlook | ||
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