TRADING
TIPS :
The pound rose to one-week highs
against the U.S. dollar on Thursday, as investors awaited the Bank of
England’s monthly policy statement due later in the day, as well as
weekly data on U.S. jobless claims. GBP/USD hit 1.5414 during
European morning trade, the pair’s highest since May 27; the pair
subsequently consolidated at 1.5393, rising 0.35%. Cable was likely
to find support at 1.5248, Wednesday’s low and resistance at
1.5478. the high of May 26. Later Thursday, the BoE was expected to
leave its benchmark interest rate on hold at 0.50% and its asset
purchase facility program at £375 billion.The pound had come under
pressure on Wednesday after the Market services purchasing managers’
index slowed to 56.5 last month from 59.5 in April. It was its lowest
level since December. Economists had expected the index to tick down
to 59.2.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5400 TARGET 1.5420 1.5450 SL 1.5370
SELL
GBPUSD BELOW 1.5320 TARGET 1.5300 1.5270 SL 1.5350
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1230 TARGET 1.1250 1.1280 SL 1.1200
SELL
EURUSD BELOW 1.1180 TARGET 1.1160 1.1130 SL 1.1210
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