TRADING
TIPS :
GBP/USD hit highs of 1.5471, the most
since May 26, up from around 1.5442 ahead of the data. The pound rose
to session highs against the softer dollar on Wednesday after data
showed that U.K. industrial output was stronger than expected in
April, but manufacturing output declined unexpectedly. The Office for
National Statistics said industrial output rose by 0.4%, ahead of
forecasts for a 0.1% increase, following an upwardly revised increase
of 0.6% in March. The data added to hopes that the economy is
regaining momentum in the current quarter after a lackluster first
quarter. But the report showed that manufacturing production fell
0.4%, reversing the previous month’s gains. The decline in
manufacturing production was largely due to a 6% fall in
pharmaceuticals output
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5555 TARGET 1.5575 1.5605 SL 1.5525
SELL
GBPUSD BELOW 1.5480 TARGET 1.5460 1.5430 SL 1.5510
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1350 TARGET 1.1370 1.1400 SL 1.1320
SELL
EURUSD BELOW 1.1250 TARGET 1.1230 1.1200 SL 1.1280
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