7May
Forex Signals

IForex Market Trading Signals and News of 07th May 2014

TRADING TIPS

GBP/USD
GBP/USD hit 1.6950 during European morning trade, the pair’s highest since August 2009; the pair subsequently consolidated at 1.6949, advancing 0.48%.Cable was likely to find support at 1.6866, the session low and resistance at 1.7042.Markit research group said the U.K. services purchasing managers’ index rose to a four-month high of 58.7 last month, from a reading of 57.6 in March. Analysts had expected the index to remain unchanged in April.The report came after data last week showed that manufacturing activity in the U.K. expanded at the fastest rate in five months in April, bolstering the outlook for the wider recovery.A recent string of upbeat reports about the U.K. economy has raised expectations the BoE could raise borrowing costs ahead of other central banks.

EUR/USD
EUR/USD hit 1.3939 during European afternoon trade, the pair’s highest since March 18; the pair subsequently consolidated at 1.3937, gaining 0.45%.The pair was likely to find support at 1.3865, Monday’s low and resistance at 1.3966, the high of March 13.The single currency found support after official data showed that euro zone retail sales rose 0.3% in March, confounding expectations for a 0.2% fall. Retail sales in February were revised down to a 0.1% gain from a previously estimated 0.4% increase.The report came after official data showed that the number of unemployed people in Spain dropped by 111,600 in April, compared to expectationd for a decline of 49,100, after a 16,600 fall the previous month.Separately, Markit research group said that Spain’s services purchasing managers’ index rose to a six-year high of 56.5 last month, from a reading of 54.0 in March. Analysts had expected the index to tick up to 54.4 in April.

RECOMMENDATION:

1. Buy GBP/USD Above 1.7005- TG: 1.7025/ 1.7055 SL 1.6975
2. Sell GBP/USD Below 1.6950- TG: 1.6930/ 1.6900 SL 1.6980

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