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Daily Report: Sterling Mixed as Q3 GDP WatchedSterling is mixed as markets are awaiting Q3 GDP data from UK today. Economists expected the UK economy to grow 0.6% qoq in Q3, slightly lower than than Q2's 0.7%. Despite some hawkish rhetoric from BoE officials, the markets are simply not convinced that the central bank will raise interest rate any time soon. Indeed, BoE governor market clarify over the weekend that "if we think there is a prospect, a possibility -- that's a possibility not a certainty -- of rate rises, then that is far, far better to let the British people know so they can prepare." And, once normalization of rates begins, "interest rate increases would proceed slowly and rise to a level in the medium term that is perhaps about half as high as historic averages". And, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year." |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 185.30; (P) 185.68; (R1) 186.22; More..... As noted before, price actions from 180.36 are viewed as a consolidation pattern. Choppy recovery from 180.64 is viewed as the third leg. While further rise might be seen, strong resistance is expected at 188.28 to limit upside to finish the consolidation. Break of 180.36 will extend the whole fall from 195.86 and should then target a test on 174.86 key support level. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and further consolidation is in store, sell orders are reported at 1.1075-80, 1.1100 and 1.1125, selling interest is tipped at 1.1150, 1.1175-80 and 1.1200. On the downside, bids are seen at 1.1000, 1.0985 and 1.0960, buy orders are expected at 1.0930, 1.0900 and 1.0885, buying interest should emerge around 1.0850, 1.0830 and 1.0800. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.7240As the single currency has remained under pressure after last week's selloff, adding credence to our view that top has indeed been formed at 0.7493 earlier and downside bias is seen for this fall to extend further weakness to 0.7145-50 (61.8% Fibonacci retracement of 0.6936-0.7493) and possibly towards 0.7120-25 Trade Idea: USD/CAD - Hold long entered at 1.3055As the greenback rose again on Friday after finding renewed buying interest at 1.3040, retaining our bullish view that the fall from 1.3457 top has ended at 1.2832 and mild upside bias remains for for the rebound from there to extend further gain to 1.3200 and possibly towards 1.3250-55. We are keeping our count that complex wave iv from 1.2835 ended at 1.1920 and wave v is underway Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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