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.

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.