TRADING
TIPS :
The pound trimmed gains against the
U.S. dollar on Monday, after data showed that service sector activity
in the U.K. expanded at a slower rate than expected last month,
dampening optimism over the strength of the economy. GBP/USD pulled
back from 1.5244, the pair’s highest since September 25, to hit
1.5183 during European morning trade, steady for the day. Cable was
likely to find support at 1.5123, Friday’s low and resistance at
1.5261, the high of September 25. Research group Markit said its U.K.
services purchasing managers’ index fell to 53.3 in September from
a reading of 55.6 the previous month. Analysts had expected the index
to rise to 56.0 last month.But demand for the dollar remained under
pressure after the Labor Department reported on Friday that the U.S.
economy added just 142,000 jobs last month, well below expectations
of the 203,000 expected by economists.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5200 TARGET 1.5220 1.5250 SL 1.5170
SELL
GBP/USD BELOW 1.5150 TARGET 1.5130 1.5100 SL 1.5180
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.1300 TARGET 1.1320 1.1350 SL 1.1270
SELL
EUR/USD BELOW 1.1130 TARGET 1.1110 1.1070 SL 1.1160
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