TRADING
TIPS :
The sterling is now alternating gains
with losses vs. the dollar, with GBP/USD around 1.5640 after dropping
to lows near 1.5620. Spot has been rejected from the 1.5690 area once
again in early trade, triggering the current leg lower to daily
troughs near 1.5620 amidst a generalized tone favoring the greenback.
It will be a key week for the pound, as inflation figures are due to-
morrow ahead of Retail Sales (Thursday) and Public Sector Net
Borrowing (Friday). Prior surveys expect core consumer prices to have
rise at an annual pace of 0.8% during July. Spot has been rejected
from the 1.5690 area once again in early trade, triggering the
current leg lower to daily troughs near 1.5620 amidst a generalized
tone favoring the greenback.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5610 TARGET 1.5630 1.5660 SL 1.5580
SELL
GBPUSD BELOW 1.5550 TARGET 1.5530 1.5500 SL 1.5580
RECOMMENDATION:
BUY EURUSD ABOVE
1.1115 TARGET 1.1135 1.1165 SL 1.1085
SELL EURUSD BELOW
1.1040 TARGET 1.1020 1.0990 SL 1.1070
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