Breaking News

GBP Drops On Inflation Data, Yellen In Focus

By MaiMarFX (Marios Krausse)ForexFeb 14, 2017 06:55AM ET
GBP Drops On Inflation Data, Yellen In Focus
By MaiMarFX (Marios Krausse)   |  Feb 14, 2017 06:55AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

The currency market got off to a cautious start before the testimony from Federal Reserve's Janet Yellen. The U.S. dollar was little changed against the euro and pound on Monday and while the euro took a dip below the 1.06-level, we still cannot speak of a significant downside breakout. The pound sterling tested the 1.2440-support after U.K. Consumer Prices fell short of expectations. Whether the recent downtrend will last remains to be seen.

The euro was hovering around the 1.06-mark earlier this morning and we still wait for a sustained break below the 1.0580-support. Once that level is breached we expect further losses toward 1.0550 and 1.0520. On the upside, the 1.0650-level may limit potential gains but today's price action will hinge on Yellen's testimony. The German ZEW Survey and Eurozone GDP figures had however no major impact on the euro.

The Fed chair will start testimony in Congress in Washington at 15:00 UTC. While Yellen is not expected to give any clear hints as to the timing of the next rate hike, her comments on monetary policy could trigger larger market moves.

Here are our daily signal alerts:


Long at 1.0630 SL 25 TP 20, 40
Short at 1.0580 SL 25 TP 20, 40

Long at 1.2560 SL 25 TP 30, 90
Short at 1.2490 SL 25 TP 30, 60

We wish you good trades and many pips!

Disclaimer: Any and all liability of the author is excluded.

GBP Drops On Inflation Data, Yellen In Focus
GBP Drops On Inflation Data, Yellen In Focus

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email