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Hardy: USD at 'interesting levels', GBP 'over-extended'

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John Hardy, Saxo Bank's Head of FX Strategy, gives us his weekly look ahead at the FX markets. USD is at "interesting levels", he says, with the obvious potential for the Fed meeting in the coming days to influence trading. John believes the market will be very sensitive after a break in USD last week.
As for GBP, John thinks the market is now 'over-extended':
GBPUSD – 1.6875/85 looks important if GBPUSD continues lower (breaks the back of the recent wave higher)
john chart 1