28May
Forex Signals

IForex Market Trading Signals and News of 28th May 2014

TRADING TIPS

➔Forex – Dollar steady to lower vs. rivals ahead of U.S. data
➔Forex – GBP/USD pares gains after downbeat U.K. data
➔Forex – EUR/USD steady, Draghi comments still weigh

EUR/USD
➔EUR/USD hit 1.3643 during late Asian trade, the pair’s highest since May 22; the pair subsequently consolidated at 1.3654, inching   up 0.06%.The pair was likely to find support at 1.3585, the low of February 13 and resistance at 1.3723, the high of May 21.On Monday, ECB President Draghi said the bank saw a risk of a deflationary cycle taking hold in the euro zone.Draghi said the ECB is ready to act should it see signs of a negative inflation spiral taking hold, and indicated that the bank is weighing a wide range of policy options, including interest rate cuts, and liquidity injections or broad-based asset purchases to help shore up the fragile recovery in the euro area.

GBP/USD
➔GBP/USD pulled away from 1.6882, the pair’s highest since May 22, to hit 1.6853 during European still up 0.06%.Cable was likely to find support at 1.6802, the low of May 20 and resistance at 1.6917, the high of May 22.Industry data earlier showed that U.K. mortgage approvals rose by 42,200 last month, compared to expectations for a 45,200 increase. Mortgage approvals in March were revised down to a 45,000 rise from a previously estimated 45,900 increase.Demand for sterling continued to be underpinned after Bank of England Deputy Governor Charles Bean said Saturday that U.K. interest rates could start rising before next spring.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6860- TG: 1.6880/ 1.6910 SL 1.6828
2. Sell GBP/USD Below 1.6800- TG: 1.6780/ 1.6750 SL 1.6830

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