TRADING TIPS :
The pound dropped to nearly five-year
lows against the U.S. dollar on Wednesday, after data showed that the
U.K. unemployment rate remained unexpectedly unchanged in January and
that average U.K. earnings rose less- than-expected. GBP/USD hit
1.4668 during European morning trade, the pair’s lowest since June
2010; the pair subsequently consolidated at 1.4673, sliding 0.51%.
Cable was likely to find support at 1.4343 and resistance at 1.4845,
Tuesday’s high. In a report, the U.K. Office for National
Statistics said that the rate of unemployment was unchanged at 5.7%
in the three months to January, disappointing expectations for a
decline to 5.6%.
INTRADAY
OUTLOOK
Support:
1.4630
Resistance:
1.4750
RECOMMENDATION:
1.
Buy GBP/USD Above 1.4680-TG: 1.4700/1.4730 SL 1.4650
2.
Sell GBP/USD Below 1.4630-TG: 1.4610/1.4580 SL 1.4660
INTRADAY
OUTLOOK
Support:
1.0550
Resistance:
1.0680
RECOMMENDATION:
1.
Buy EUR/USD Above 1.0650-TG: 1.0670/1.0700 SL 1.0600
2.
Sell EUR/USD Below 1.0570-TG: 1.0550/1.0520 SL 1.0600
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