Monday, March 6, 2017

GBP/USD TECHNICAL OUTLOOK : 7.3.2017

GBP/USD TECHNICAL OUTLOOK : 7.3.2017
.NIFTY FUT  TREND             : BUY ZONE
BANKNIFTY FUT  TREND  : BUY ZONE

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GBP/USD Pair after Opening at 1.2292 made a high of 1.23 and was trading with some side wise to negative bias during the day, few days back the pair had violated the supports of 1.24 and how previous supports will become resistance so until the pair closes above 1.24 its likely to test the lower levels, intraday traders can fade the rallies during the day.

Fundamental Overview

The Sterling is trading at 1.2245, hovering near yesterday’s close of 1.2236. The pound against the dollar throughout the session yesterday was trading negative with selling pressure building on the pair. The U.K. is to release industry data on house price inflation. The pair is expected to be volatile for the day looking forward to the government’s annual budget to be released tomorrow. We suggest building short positions near 1.2260 levels.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
5:31 GBP BRC Retail Sales Monitor (YoY) (Feb) -0.40% 0.20% -0.60%
14:00 GBP Halifax House Price Index (MoM) (Feb) 0.30% -0.90%
14:00 GBP Halifax House Price Index (YoY) (Feb) 5.30% 5.70%
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