TRADING
TIPS :
The pound held steady against the U.S.
dollar in quiet trade on Friday, as expectations for inter- est rate
hikes by both the Federal Reserve and the Bank of England continued
to lend equal support to the two currencies. The bid tone is now
gathering pace around the sterling on Friday, with GBP/US advancing
to session tops near 1.5630. The pair is extending its consolidative
pattern at the end of the week, navigating the upper band of the
weekly range in the low- 1.5600s and coming down from recent tops in
the critical resistance at 1.5650. Next of relevance in the pair will
come from the US docket, where Producer Prices, the Reuters/Michigan
index and Industrial Production area all due later.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5660 TARGET 1.5680 1.5710 SL 1.5630
SELL
GBPUSD BELOW 1.5590 TARGET 1.5570 1.5540 SL 1.5620
RECOMMENDATION:
BUY EURUSD ABOVE
1.1210 TARGET 1.1230 1.1260 SL 1.1180
SELL EURUSD BELOW
1.1125 TARGET 1.1105 1.1075 SL 1.1155
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