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The bid tone surrounding the GBP/USD pair remains untouched in the European session, as the pound reversed early losses and remains firmer versus the US dollar amid risk-off market profile. The GBP/USD pair trades 0.16% higher at 1.5718, having posted a high at 1.5727 and a low at 1.5631. The cable manages to hold gains amid risk-off sentiments fuelled by China worries while broadly lower US dollar on fading Sept rate hike expectations after the recent dovish FOMC minutes. However, falling oil prices continue to weigh on UK’s mining and energy sector, keeping the upside in GBP/USD restricted. While markets completely shrugged off upbeat growth forecasts by CBI on the UK economy. The UK economy is estimated to rise 2.6% this year, before accelerating further to 2.8% next year, the Confederation of British Industries (CBI) said on Monday. Both figures are higher than its previous estimates.
RECOMMENDATION:
BUY GBPUSD ABOVE 1.5790 TARGET 1.5810 1.5840 SL 1.5760
SELL GBPUSD BELOW 1.5660 TARGET 1.5640 1.5610 SL 1.5690
RECOMMENDATION:
BUY EURUSD ABOVE 1.1620 TARGET 1.1640 1.1670 SL 1.1590
SELL EURUSD BELOW 1.1490 TARGET 1.1470 1.1440 SL 1.1520
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