TRADING
TIPS :
GBP/USD hit 1.5848 during European
morning trade, the session low; the pair subsequently consolidated at
1.5870, edging down 0.10%. The pound slipped lower against its U.S.
counterpart on Monday, but remained within close distance of a
seven-month peak as demand for the greenback broadly weakened as
expectations for an upcoming U.S. rate hike subsided. Cable was
likely to find support at 1.5622, the low of June 17 and resistance
at 1.5930, the high of June 18 and a seven-month high. The greenback
remained under pressure after the Federal Reserve’s rate statement
last week tempered expectations for a rate hike later this year. The
Fed lowered both its U.S. growth forecast and its interest-rate
projections, prompting investors to push back expectations on the
timing of an initial rate hike.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5850 TARGET 1.5870 1.5900 SL 1.5820
SELL
GBPUSD BELOW 1.5750 TARGET 1.5730 1.5700 SL 1.5800
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1300 TARGET 1.1320 1.1350 SL 1.1270
SELL
EURUSD BELOW 1.1240 TARGET 1.1220 1.1190 SL 1.1270
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