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Mid-Day Report: Sterling Firm ahead of Weekly CloseSterling remains the second strongest major currency this week, next to Aussie, ahead of close. In UK, BoE said in the August Inflation Attitudes Survey that 50% of respondents expected interest rate to rise from current record low 0.5% by next August. That compared to 38% back in May. Meanwhile, 26% expected the benchmark interest rate to stay unchanged while 20% were unsure. The rest expected a cut in interest rates. However the survey also showed lower inflation expectations. For the coming year, it's expected inflation to be 2% and 2.3% for two years ahead. . | |
Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5362; (P) 1.5419; (R1) 1.5499; More... Intraday bias in GBP/USD remains on the upside for the moment. Corrective fall from 1.5929 should have completed at 1.5164 already. Further rise would now be seen to 1.5817 resistance first. The rise from 1.4565 might extend through 1.5929. But in that case, we'd expect strong resistance from 61.8% retracement of 1.7190 to 1.4565 at 1.6187 to limit upside. On the downside, below 1.5338 will turn focus back to 1.5164 support instead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency met selling interest just above 1.1300 and retreated in European session and bids at 1.1265-70 were filled, however, buy orders are still noted at 1.1250 and 1.1225, buyers are expected at 1.1200 and 1.1175-80, buying interest should emerge around 1.1160 and 1.1140-45. On the upside, offers are seen at 1.1300, 1.1320 and 1.1335, sell orders are reported at 1.1350 and 1.1390-00, selling interest is tipped at 1.1420 and 1.1450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Hold long entered at 0.9705The greenback did find renewed buying interest just above support at 0.9700 and has staged a strong rebound, retaining our bullishness and above 0.9800-05 would signal the correction from this week's high of 0.9824 has ended at 0.9702 yesterday, bring retest of this level, once this resistance is penetrated, this would signal recent rise from 0.9259 has resumed and extend gain to 0.9835 Trade Idea Update: GBP/USD - Buy at 1.5355As cable has retreated after rising to 1.5476 yesterday, minor consolidation below this level would be seen and test of 1.5400 is likely, however, reckon the Ichimoku cloud (now at 1.5363-67) would limit downside and 1.5345-55 would hold, bring another rise later. Above said resistance at 1.5476 would extend the rise from 1.5164 low to 1.5491-93 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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