Market Research and Analysis

Daily Market Analysis Report

Fri, 09 Jun 2017 07:48 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: 1.2735
    Take Profit:
    1st @ 1.2685
    Stop Loss @ 1.2750

GBPUSD

GBP/USD progressed to another recuperation high at 1.2978 ahead of schedule in the European session, its largest amount since May 25th, however has since fallen off the session high and is exchanging at 1.2942, down an unobtrusive 0.15% from Wednesday’s North American close. Exchanging can possibly stay uneven and basically directionless as UK Election Day unfurls.

9 June GBP
Fundamental Overview

As polling stations in the UK General Election closed, the exit poll was released and suggested that the Conservative Party has failed to secure a majority. This is an exit poll and the actual outcome could be significantly different. The poll indicated that the Conservatives would be the largest party with 314 seats while the Labour Party was projected to win 266 seats with notable losses for the Scottish National Party (SNP). Given the breakdown of seats for minor parties, the Conservative Party would fall short of a majority by 12 seats.

GBP

  • Manufacturing Production m/m
  • Goods Trade Balance
  • Construction Output m/m
  • Consumer Inflation Expectations
  • Industrial Production m/m
  • NIESR GDP Estimate

USD

  • Final Wholesale Inventories m/m

Technical Overview

GBPUSD is trading at 1.2731 and has an immediate support at 1.2675 followed by 1.2635 and then 1.2584. 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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