GBP/USD Intra-Day Fundamentals: BoE Interest Rate Decision and range price movement
2017-09-14 12:00 GMT | [GBP - Official Bank Rate]
if actual > forecast (or previous one) = good for currency (for GBP in our case)
[GBP - Official Bank Rate] = Interest rate at which the BOE lends to financial institutions overnight.
From official report :
GBP/USD M5: range price movement by BoE Interest Rate Decision news event
Arrows on the chart above = BrainTrend2Sig indicator from Codebase (free to download).
Bitcoin - daily correction; 3,185 is the key (based on the article)
Daily price was bounced from weekly resistanc at 4,918 to below for the secondary correction to be started. The price is testing 3,185 support level for the bearish reversal to be started.
Intra-day Gold bearish reversal with Dollar Index to be testing 91.50 support for the bearish reversal (based on the article)
Price for H4 timeframe was bounced from 1,334 resistance to below to be reversed to the primary bearish market condition with 1,315 support level to be crossing for the bearish trend to be contionuing. By the way, the Dollar Index price is goping to be reersed on intra-day basis as well with 91.50 key support level.
Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download).Same system for MT4:
Weekly Fundamental Forecast for Dollar Index (based on the article)
Dollar Index - "The big U.S. data point for this week was Thursday’s release of inflation for the month of August. And while this came-out in a rather encouraging format, with headline printing at 1.9% versus an expectation of 1.8% while core came-in at 1.7% versus the 1.5% estimate, bulls were unable to hold on to the previous week’s gains as sellers took over ahead of a pivotal Federal Reserve meeting next week. This better-than-expected inflation print is the second consecutive month of higher prices for the U.S. economy; and this comes after a troubling turn in the beginning of the year that saw inflation swan-dive from a 2.7% high in February down to a low of 1.6% in June. Normally – a print such as we saw yesterday would bring at least a day’s worth of strength into the Dollar; but the context with which we are currently operating can’t quite be considered normal as a huge FOMC meeting looms on the docket for next week, when the bank may announce the start of Quantitative Tightening."
Weekly Fundamental Forecast for GBP/USD (based on the article)
GBP/USD - "The bank of England made clear this week that markets are underestimating the possibility of an interest rate hike this year, despite weak GDP and wage growth numbers. The clear message was sent out by governor Carney after Thursday’s MPC meeting and reinforced by a hawkish speech by BOE policy maker Gert Vlieghe, a one-time dove. Cable duly responded hitting a 15-month high and still has room to move to the upside, especially as the USD remains weak."
Weekly Fundamental Forecast for S&P 500 (based on the article)
S&P 500 - "This coming week will be about the FOMC meeting on Wednesday. Rates are expected to remain unchanged, so the focus will be on the Fed’s expectations moving forward. As per the CME FedWatch Tool, at this time there is over a 51% chance they will hike rates by 25 bps in December. Will expectations get boosted or dampened on Wednesday? Outside of the Fed meeting, there are no ‘high’ impact data events on the calendar."
Weekly Fundamental Forecast for Crude Oil (based on the article)
Crude Oil - "A key focus this week was the wide spread between the bullish-looking Brent Oil chart and the uncertain crude oil market. Mid-week, the spread between the global benchmark (Brent) and Crude Oil, identical products produced in different parts of the world was the widest in two years. As the gap closed, Brent traded higher and reached the highest price since April when it traded at $55.74 in the Bullish aftermath of the IEA report showing the global oil surplus was shrinking. The price support that traders should watch is not the 200-DMA at $49.56 that price is currently trading near, but the higher low of $47.08 from September 8. When looking at the chart above, you can see that the majority of price moves have been choppy and overlapping. This means that a break back below $47.08 would bring a continuation of the environment we’ve been trading in that is a multitude of three-wave moves that eventually move lower. Below $47.08 opens up the internal price support of $45.38, which has been a harbinger that Bearish Pressure was soon to reign supreme again."
"The time has not yet come.." - interview with ECB Chief Economist and Executive Board member Peter Praet (based on the article)
The price on the daily chart is located above Ichimoku cloud for the primary bullish market condition: price is testing 1.2092 resistance level to above for the bullish trend to be continuing, otherwise - ranging within the levels.
Indicator on separate window on the chart above is MFCS Currency Correlation Chart indicator for MT5 from CodeBase (free to download)
Weekly Outlook: 2017, September 17 - September 24 (based on the article)
The US dollar staged an impressive recovery, based on better data, political calm and more. Is this a correction or a total change of trend? The highly anticipated Fed decision is easily the most important event.
Weekly EUR/USD Outlook: 2017, September 17 - September 24 (based on the article)
EUR/USD suffered under pressure from the US dollar and as the German elections near. Is this just a correction after reaching new highs? Or has the rally peaked? Inflation data and PMIs stand out now. Here is an outlook for the highlights of this week.