TRADING
TIPS :
The pound rose against the U.S. dollar
on Wednesday, as demand for the greenback weakened ahead of a final
report on U.S. first quarter growth, due to be released later in the
day. GBP/USD hit 1.5803 during European morning trade, the session
high; the pair subsequently consolidated at 1.5796, gaining 0.42%.
The dollar had found support after the U.S. Commerce Department
reported on Tuesday that new home sales jumped by 2.2% to 546,000
units last month, hitting the highest level since February 2008. A
separate report showed that total U.S. durable goods orders, which
include transportation items, declined by 1.8% last month, while core
durable goods orders inched up by 0.5% in May, missing forecasts for
an increase of 0.6%. Investors were eyeing an upcoming report on
first-quarter U.S. growth due later Wednesday for further indications
on the timing of a rate hike by the Federal Reserve.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5820 TARGET 1.5840 1.5870 SL 1.5780
SELL
GBPUSD BELOW 1.5600 TARGET 1.5580 1.5550 SL 1.5640
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1240 TARGET 1.1260 1.1290 SL 1.1200
SELL
EURUSD BELOW 1.1200 TARGET 1.1180 1.1150 SL 1.1240
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