TRADING
TIPS :
The GBP/USD pair trades -0.18% lower at
1.5274, bouncing-off lows reached at 1.5241 post the UK data release.
The offered tone surrounding the cable reduces as the GBP traders
locked-in gains on their shorts after the major fell to fresh
three-month lows. While, GBP/USD also attempts recovery as calm
spreads across the FX board ahead of the ECB meeting with greenback
muted against its major competitors. However, the British currency is
likely to remain undermined against the US dollar as the recent
series of downbeat UK macro releases continue to sour the sentiment
around sterling. Earlier this session, GBP/USD tumbles to the lowest
levels in three month after the UK services sector activity worsened
in August adding to the recent poor manufacturing and construction
PMI reports. Meanwhile, focus now shifts to the upcoming ECB decision
ahead of a set of crucial economic releases from the US due later
yesterday.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5255 TARGET 1.5275 1.5305 SL 1.5225
SELL
GBPUSD BELOW 1.5215 TARGET 1.5195 1.5165 SL 1.5245
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1245 TARGET 1.1265 1.1295 SL 1.1215
SELL
EURUSD BELOW 1.1085 TARGET 1.1065 1.1035 SL 1.1115
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