The BoE’s decision is set to occur next Thursday the 7th of August. The current expectations by market participants are for the bank to cut rates by 25 basis points from 4.25% to 4.00%. Specifically, GBP OIS currently implies an 87.34% probability for such a scenario to materialize, therefore attention will turn to the bank’s accompanying statement where market participants may be looking for clues into the bank’s next possible actions. Therefore, should it be perceived that the bank may refrain from cutting rates in the near future it may aid the GBP and vice versa.
GBP/USD Daily Chart
- Support: 1.3100 (S1), 1.2870 (S2), 1.2580 (S3)
- Resistance: 1.3300 (R1), 1.3580 (R2), 1.3790 (R3)
GBP/USD appears to be moving in a downwards fashion, with the pair currently taking aim for our 1.3100 (S1) support level. We opt for a bearish outlook for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure near 30 implying a strong bearish market sentiment, in addition to our MACD indicator and our downwards moving trendline. For our bearish outlook to continue we would require a clear break below our 1.3100 (S1) support level with the next possible target for the bears being the 1.2870 (S2) support line.
USD/JPY Daily Chart
- Support: 149.80 (S1), 147.70 (S2), 145.25 (S3)
- Resistance: 152.75 (R1), 155.05 (R2), 157.45 (R3)
USD/JPY appears to be moving in an upwards fashion with the pair currently having broken above our prior resistance to support level at the 149.80 line. We opt for a bullish outlook for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure near 70, implying a strong bullish market sentiment, in addition our MACCD indicator. For our bullish outlook to continue we would require a clear break above our 152.75 (R1) resistance line with the next possible target for the bulls being the 155.05 (R2) resistance level.
XAU/USD Daily Chart
- Support: 3240 (S1), 3115 (S2), 2980 (S3)
- Resistance: 3385 (R1), 3500 (R2), 3645 (R3)
Gold’s price appears to be moving in a sideways fashion after re-entering our sideways moving channel. We opt for a sideways bias for the precious metal’s price as long as the price action remains confined between our 3240 (S1) support level and our 33855 (R1) resistance line. Yet the MACD and RSI indicators below our chart tend to imply bearish tendencies.
WTI Cash Daily Chart
- Support: 67.60 (S1), 63.70 S2), 59.45 (S3)
- Resistance: 71.15 (R1), 75.10 (R2), 79.10 (R3)
WTICash appears to be moving in an upwards fashion after clearing our resistance now turned to support at the 67.60 (S1) level. We opt for a bullish outlook for the commodity’s price and supporting our case is the RSI indicator below our chart which currently registers a figure near 60, implying a bullish market sentiment, in addition to our MACD indicator below our chart. For our bullish outlook to continue we would require a clear break above our 71.15 (R1) resistance line with the next possible target for the bulls being the 75.10 (R2) resistance level.
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