TRADING TIPS :
GBP/USD hit 1.5440 during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5413, adding 0.12%.The dollar remained under pressure after data on Friday showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1.The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% lastmonth after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.The pound had strengthened last week after the Bank of England said inflation is likely to fall to zero in the first half of this year, but added that there was no threat of deflation taking hold in the U.K.
INTRADAY OUTLOOK
Support: 1.5327
Resistance: 1.5408
RECOMMENDATION:
1. Buy GBP/USD Above 1.5410-TG: 1.5430/1.5460 SL 1.5380
2. Sell GBP/USD Below 1.5325-TG: 1.5305/1.5275 SL 1.5355
INTRADAY OUTLOOK
Immediate Support: 1.1368
Immediate Resistance: 1.1459
RECOMMENDATION:
1. Buy EUR/USD Above -1.1461 TG: 1.1481/1.1511 SL 1.1431
2. Sell EUR/USD Below -1.1366 TG:1.1346/1.1316 SL 1.1399
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