Market Research and Analysis

Daily Market Analysis Report

Wed, 07 Jun 2017 07:52 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3000 – 1.2750
  • Support & Resistance Levels:
  • R3: 1.3383
    R2: 1.3143
    R1: 1.2993
    Pivot Point: 1.2753
    S1: 1.2603
    S2: 1.2363
    S3: 1.2213
  • Trading Recommendation:
  • Sell Below: 1.2900
    Take Profit:
    1st @ 1.2865
    Stop Loss @ 1.2920

GBPUSD

GBP/USD is trading at 1.2891, down -0.0022 points and -0.17% in the Asian sessions today. The GBPUSD gained some traction previously in the trading session after another bout of weakness in the greenback which sent the US Dollar Index to fresh lows in the mid-96.00s for the year 2017, however it has recovered part of the pullback so far. Tomorrow is an important day due to the U.K parlimentary elections.

6 June GBP
Fundamental Overview

After reaching a recent peak of 10% in March 2016, the annual house price growth has since fallen to 3.3% in May. “House prices have again fallen over the past three months. Overall, prices in the three months to May were -0.2% lower than in the preceding three months; the same rate as in April. “The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, is likely to support house price levels over the coming months.” House prices in the last three months (March-May) were 0.2% lower than in the previous figures.

GBP

  • Halifax HPI m/m
  • RICS House Price Balance

USD

  • Crude Oil Inventories
  • Consumer Credit m/m

Technical Overview

GBPUSD is trading at 1.2891, down -0.0022 points with an immediate support at 1.2845 followed by 1.2767 and then 1.2764. On the flip side, a breakout of 1.2953 would aim for 1.3013 and lastly 1.3051 will be worth watching. Lastly, traders, we need to be very careful this week due to U.K elections.

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