TRADING
TIPS :
The pound slipped lower against the
U.S. dollar on Wednesday, after data showed that U.K. manufacturing
activity expanded at the slowest rate in 26 months in June, while
Greek debt concerns continued to support demand for the safe-haven
greenback. GBP/USD hit 1.5676 during European morning trade, the
pair’s lowest since June 29; the pair subsequently consolidated at
1.5677, shedding 0.21%. The dollar remained supported after the
International Monetary Funf confirmed that the Greek government
failed to make a scheduled €1.6 billion loan repayment by close of
business on Tuesday. A default by Greece wiIl add to fears over the
country’s solvency and fuel doubts over the condition of Greek
banks and the collateral they use for European Central Bank loans.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5810 TARGET 1.5830 1.5860 SL 1.5780
SELL
GBPUSD BELOW 1.5490 TARGET 1.5470 1.5440 SL 1.5520
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1280 TARGET 1.1300 1.1330 SL 1.1250
SELL
EURUSD BELOW 1.0990 TARGET 1.0970 1.0940 SL 1.1020
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