TRADING
TIPS :
GBP/USD hit 1.5657 during European
morning trade, the pair’s lowest since May 13; the pair
subsequently consolidated at 1.5669, sliding 0.38%.The pound declined
against the U.S. dollar on Monday, as it recovered from sharp losses
posted the previous week, although Friday’s downbeat U.S. economic
reports continued to weigh. Cable was likely to find support at
1.5554, the low of May 12 and resistance at 1.5808, the high of
May15.The dollar remained under pressure after data on Friday showed
that U.S. industrial production fell for the fifth straight month in
April and another report showed that U.S. consumer sentiment
deteriorated to a seven month low this month.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5715 TARGET 1.5735 1.5765 SL 1.5685
SELL
GBPUSD BELOW 1.5625 TARGET 1.5605 1.5575 SL 1.5655
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1340 TARGET 1.1360 1.1390 SL 1.1310
SELL
EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310
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