GBP/USD TECHNICAL OUTLOOK:10/20/2016
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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GBP/USD. Pair after opening at 1.2297made a high of 1.2333, and seen some supply at 1.2330 levels but the pair had bounce from the lower levels a day before, as its remains oversold with RSI indicators at 30.50 on the daily time frame , the pair made a spike low of 1.1943 few days back that low is likely to hold in the pair for the near term, but overall pair is likely to find resistance at higher levels so any rise is a shorting opportunity in GBP for medium term , but intraday is a sell near the supply zone.
Fundamental Overview
Pound is trading at 1.2296, remaining largely unchanged after a brief rally to 1.2330 in yesterday’s trade.Employment data reported yesterday was marginally better than expected and led to a rally in the currency and helped keep the pair off the lows. Focus would be on the retail sales data today but the high court decision about Brexit continues to remain the key driver.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
14:00:00 GBP Core Retail Sales (YoY) (Sep) 4.50% 5.90%
14:00:00 GBP Retail Sales (MoM) (Sep) 0.40% -0.20%
14:00:00 GBP Retail Sales (YoY) (Sep) 4.80% 6.20%
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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GBP/USD. Pair after opening at 1.2297made a high of 1.2333, and seen some supply at 1.2330 levels but the pair had bounce from the lower levels a day before, as its remains oversold with RSI indicators at 30.50 on the daily time frame , the pair made a spike low of 1.1943 few days back that low is likely to hold in the pair for the near term, but overall pair is likely to find resistance at higher levels so any rise is a shorting opportunity in GBP for medium term , but intraday is a sell near the supply zone.
Fundamental Overview
Pound is trading at 1.2296, remaining largely unchanged after a brief rally to 1.2330 in yesterday’s trade.Employment data reported yesterday was marginally better than expected and led to a rally in the currency and helped keep the pair off the lows. Focus would be on the retail sales data today but the high court decision about Brexit continues to remain the key driver.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
14:00:00 GBP Core Retail Sales (YoY) (Sep) 4.50% 5.90%
14:00:00 GBP Retail Sales (MoM) (Sep) 0.40% -0.20%
14:00:00 GBP Retail Sales (YoY) (Sep) 4.80% 6.20%