TRADING TIPS :
The pound rose against the U.S. dollar
on Monday, as investors locked in gains from the greenback’s recent
rally to nearly 5-year highs against the U.K. currency, although
demand for sterling remained pressured by Bank of England Governor
Mark Carney’s comments on Friday. GBP/USD hit 1.4798 during
European morning trade, the session high; the pair subsequently
consolidated at 1.4783, adding 0.25%. Cable was likely to find
support at1.4696, Friday’s low and a 20-month low and resistance at
1.4896, the high of March 13. The dollar strengthened broadly on
Friday after downbeat U.S. data dampened optimism over the strength
of the economy, weighing on market sentiment.The U.S. Department of
Labor reported that producer prices fell 0.5% last month, confounding
expectations for a 0.3% gain, after a 0.8% decline in January.
INTRADAY
OUTLOOK
Support:
1.4700
Resistance:
1.4910
RECOMMENDATION:
1.
Buy GBP/USD Above 1.4850-TG: 1.4870/1.4900 SL 1.4820
2.
Sell GBP/USD Below 1.4730-TG: 1.4710/1.4680 SL 1.4760
INTRADAY
OUTLOOK
Support:
1.0400
Resistance:
1.0600
RECOMMENDATION:
1.
Buy EUR/USD Above 1.0580-TG: 1.0600/1.0630 SL 1.0550
2.
Sell EUR/USD Below 1.0490-TG: 1.0470/1.0440 SL 1.0520
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