GBP/USD TECHNICAL OUTLOOK : 03.02.2017
NIFTY FUT TREND : SELL ZONE
BANKNIFTY FUT TREND : SELL ZONE
Fundamental Overview
Pound is trading at 1.2518, falling from near the 1.27 level after the Bank of England voted to keep the interest rates on hold. the growth forecast has been lifted compared to the November inflation report, So, despite the better growth outlook, the bank remains firmly in neutral mode, leaving the door open to both further easing, or more tightening, depending how developments unfold. Services PMI would be important for the day but US non-farm data would be the key mover to take the pair below 1.25.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
15:00 GBP Services PMI (Jan) 55.8 56.2
NIFTY FUT TREND : SELL ZONE
BANKNIFTY FUT TREND : SELL ZONE
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GBP/USD. Pair after opening at at 1.2656 made a high of 1.2706 and saw the pair not able to sustain their and reversed now 1.27 will become a shorter supply zone as the pair has formed a bearish engulfing pattern and likely to see more correction and can test 1.2470 in the near term so utilize the rise to sell the pair.
Fundamental Overview
Pound is trading at 1.2518, falling from near the 1.27 level after the Bank of England voted to keep the interest rates on hold. the growth forecast has been lifted compared to the November inflation report, So, despite the better growth outlook, the bank remains firmly in neutral mode, leaving the door open to both further easing, or more tightening, depending how developments unfold. Services PMI would be important for the day but US non-farm data would be the key mover to take the pair below 1.25.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
15:00 GBP Services PMI (Jan) 55.8 56.2