GBP/USD TECHNICAL OUTLOOK ; 6.3.2017
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
Fundamental Overview
British Pound is trading at 1.2283, rebounding from the levels of 1.2214. Lower than expected UK Service PMI added downward pressure to Sterling. Economic calendar remains light for the day. Any news about trigger of Article 50 by end of March will help Pound to strengthen. We expect GBP/USD pair to trade in a narrow range for the day.
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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GBP/USD Pair The sterling, after a drop from 1.2560 levels in the last week of February, has continued to be under pressure and test 1.2230 levels the last weekend. The pair, from there has bounced up to 1.23 levels and is expected to continue moving up for the day to test 1.2350 levels provided it sustains 1.23. This uptick could be used to enter into fresh short positions for targets of 1.2250 & 1.2220, as the pair is still in a declining trend. 1.2385 would be a major level to watch, which if broken in the upside would draw buyers’ attention.Fundamental Overview
British Pound is trading at 1.2283, rebounding from the levels of 1.2214. Lower than expected UK Service PMI added downward pressure to Sterling. Economic calendar remains light for the day. Any news about trigger of Article 50 by end of March will help Pound to strengthen. We expect GBP/USD pair to trade in a narrow range for the day.