2May

Forex Market Trading Signals and News of 02th May 2014

TRADING TIPS

GBP/USD

GBP/USD touched highs of 1.6922, the most since August 2009, and was last up 0.21% to 1.6906. The pair had been trading at 1.6839 ahead of the data.Cable was likely to find support at 1.6868, the session low and resistance at 1.7000.Sterling rallied after Markit reported that its U.K. manufacturing purchasing managers’ index rose to 57.3 last month from 55.8 in March. Analysts had expected the manufacturing PMI to decline to 55.4.Growth increased across the sector, as firms reported a rise in new orders, and new product launches. Manufacturers also took on more staff, with employment rising for the twelfth consecutive month.Rob Dobson, Markit’s senior economist, said manufacturing output growth had accelerated to “a level among the highest signaled over the past two decades”.

EUR/USD

EUR/USD was last trading at 1.3874, after rising as high as 1.3889 earlier, the strongest level since April 11.The pair was likely to find support at 1.3825 and resistance at 1.3900.The dollar remained on the back foot after data on Wednesday showed that the U.S. economy expanded at an annual rate of just gross domestic product grew at an annual rate of 0.1% in the first quarter, well below forecasts for an expansion of 1.2%.Despite the sharp slowdown in growth the Federal Reserve said Wednesday it would reduce its bond purchases to $45 billion a month, in a widely expected decision. The Fed also said interest rates would remain on hold at record lows for a “considerable time” after the bond-buying program ends later this year.

RECOMMENDATION :-

1. Buy GBP/USD Above 1.6900- TG: 1.6920/ 1.6950 SL 1.6870

2. Sell GBP/USD Below 1.6860- TG: 1.6840/ 1.6810 SL 1.6890

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