TRADING
TIPS :
The pound slipped lower against its
U.S. counterpart on Monday, but remained within close distance of a
seven-month peak as demand for the greenback broadly weakened as
expectations for an upcoming U.S. rate hike subsided. GBP/USD hit
1.5848 during European morning trade, the session low; the pair
subsequently consolidated at 1.5870, edging down 0.10%. Cable was
likely to find support at 1.5622, the low of June 17 and resistance
at 1.5930, the high of June 18 and a seven-month high. The greenback
remained under pressure after the Federal Reserve’s rate statement
last week tempered expectations for a rate hike later this year. The
Fed lowered both its U.S. growth forecast and its interest-rate
projections, prompting investors to push back expectations on the
timing of an initial rate hike. Fed Chair Janet Yellen said the
central bank wanted to see “more decisive evidence” of sustained
growth before raising rates, but acknowledged that the economy has
“expanded moderately” after a weak first quarter.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5765 TARGET 1.5785 1.5815 SL 1.5735
SELL
GBPUSD BELOW 1.5700 TARGET 1.5680 1.5650 SL 1.5720
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1210 TARGET 1.1230 1.1260 SL 1.1180
SELL
EURUSD BELOW 1.1130 TARGET 1.1110 1.1080 SL 1.1160
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