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GBP/JPY MACD indicates downside pressure

The failure of MACD to test recent highs indicates that GBP/JPY could be facing downside pressure soon.

Over the past two weeks, it has become evident that a bearish divergence between GBP/JPY spot and the MACD has developed, which typically implies weakness ahead. Additionally on a 4-hour chart, we can see that the MACD line pushed below its signal line, a further bearish forewarning.

Unfortunate, not to see rate hike from the Fed – Deutsche Bank

David Folkerts-Landau, chief economist at Deutsche Bank, suggests that its unfortunate that the Fed let recent bouts of volatility in global markets and concerns about growth abroad – especially in emerging market economies and China – stay its hand. The beginning of the policy normalisation process now would have been absolutely appropriate and frankly long overdue.
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