TRADING
TIPS :
The GBP/USD pair recovered most losses
and tries hard to regain 1.54 barrier in the European afternoon, as
markets digest the UK data keeping the pound undermined. The GBP/USD
pair trades -0.08% lower at 1.5391, recovering slightly from 1.5364
levels reached post the data release. The cable continues to
consolidate to the downside after the pound was dragged to session
lows in a delayed reaction to the UK GDP report which showed no
revisions to both the quarterly and annual measures of economic
growth. However the UK economy kept the pace and grew at the rate of
0.7% between the first and second quarters, and rose 2.6% on a
year-on-year basis. This was the tenth consecutive quarter of
positive growth, the Office for National Statistics (ONS) informed on
Friday. Looking ahead, the US session will attract attention and may
direct further USD moves, having major influence on the GBP pair.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5445 TARGET 1.5465 1.5495 SL 1.5415
SELL
GBPUSD BELOW 1.5330 TARGET 1.5310 1.5280 SL 1.5360
RECOMMENDATION:
BUY EURUSD ABOVE
1.1310 TARGET 1.1330 1.1360 SL 1.1280
SELL EURUSD BELOW
1.1230 TARGET 1.1210 1.1180 SL 1.1260
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