Market Research and Analysis

Daily Market Analysis Report

Tue, 06 Jun 2017 08:56 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:
  • Buy Above: 1.2885
    Take Profit:
    1st @ 1.2940
    Stop Loss @ 1.2860

GBPUSD

GBP/USD pair exchanges uneventfully around the 1.2900 figure, in spite of the fact that the Pound began the week with a sharp tone, hit by another fear assault in London and another survey demonstrating that PM May’s Conservative gathering keeps losing its preference against Labor rivals. Volatility then picked up upon the release of UK May Services PMI. Although the initial reaction to the weaker than expected figure sent the pair down to within reach of the session lows, the downside reaction proved temporary

6 June GBP
Fundamental Overview

May data highlighted a renewed slowdown in business activity growth across the UK service economy, following the four-month peak achieved in April. This partly reflected a softer pace of new order growth, which survey respondents linked to squeezed household budgets and, in some cases, delayed decision making among clients ahead of the General Election. There were positive developments in terms of cost pressures during May, with the latest survey pointing to the least marked rise in input prices since September 2016. This resulted in a moderation in output charge inflation from April’s near-nine year peak.

GBP

  • No Economic Event Expected

USD

  • JOLTS Job Openings
  • IBD/TIPP Economic Optimism

Technical Overview

GBPUSD is trading at 1.2921, up -0.0015 and +0.12% in the Asian open with a resistance is being met at the pair’s 20-day moving average, which currently stands at 1.2960. Clearing this level, along with the lower boundary of the rising trend channel shown on the daily chart, is required to improve the outlook for GBP/USD. This trendline currently comes in near 1.2985.

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