TRADING
TIPS :
The GBP bulls found some support just
ahead of 1.42 barrier, allowing a minor-recovery in GBP/USD in the
last hour.The GBP/USD pair trades -0.15% lower at 1.4236,
bouncing-off fresh session lows posted at 1.4202 some minutes ago.
The cable is seen lock-stepping the oil price movement, with the
prices making fresh recovery attempts, tracking a minor pullback in
the black gold. Moreover, the GBP/USD pair also finds respite from
the rally seen in the European equities on the back of improved risk
sentiment. Germany’s DAX jumps +2.35%, the UK’s FTSE rises
+1.50%, while the pan- European benchmark, the Euro Stoxx 50 rockets
+2.71%.However, the bearish pressures still remain intact amid broad
based US dollar recovery on expectations of a rebound in the US
retail sales as well as PPI data, due later in the NY session.
RECOMMENDATION:
BUY
GBP USD ABOVE 1.4247 TARGET 1.4267 1.4297 SL 1.4217
SELL
GBP USD BELOW 1.4194 TARGET 1.4174 1.4144 SL 1.4224
RECOMMENDATION:
BUY
EUR USD ABOVE 1.1340 TARGET 1.1360 1.1390 SL 1.1310
SELL
EUR USD BELOW 1.1310 TARGET 1.1290 1.1260 SL 1.1340
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