2Jun
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IForex Market Trading Signals and News of 02nd June 2014

TRADING TIPS :

➔Forex – GBP/USD gains on soft U.S. consumer sentiment report
➔Forex – EUR/USD gains on soft U.S. sentiment, personal spending data
➔Forex – USD/CAD rises but gains limited after U.S., Canadian data

EUR/USD
➔EUR/USD was up 0.24% at 1.3635, up from a session low of 1.3598 and off a high of 1.3650.The pair was likely to find support at 1.3586, Thursday’s low, and resistance at 1.3668, Tuesday’s high.The revised Thomson Reuters/University of Michigan consumer sentiment index ticked up to 81.9 this month from 81.8 in April, missing market expectations for a reading of 82.5.While harsh winter weather dampened spirits, concerns wages will remain weak did more so.”The May decline in consumer confidence was not due to the dismal state of the economy during the 1st quarter, which had the weakest pace of GDP growth in three years. Consumers thought the harsh winter weather was mainly responsible,” the indicator’s statement read.Consumer sentiment would suffer more if the economy failed to rebound in the months ahead, though the survey revealed that consumers feel the economy will be strong enough to produce more jobs in the year ahead.

GBP/USD
➔GBP/USD was trading at 1.6762, up 0.27%, up from a session low of 1.6715 and off a high of 1.6778.Cable was likely to find support at 1.6693, Thursday’s low, and resistance at 1.6882, Tuesday’s high.The revised Thomson Reuters/University of Michigan consumer sentiment index ticked up to 81.9 this month from 81.8 in April, missing market expectations for a reading of 82.5.While harsh winter weather dampened spirits, concerns wages will remain weak did more so.”The May decline in consumer confidence was not due to the dismal state of the economy during the 1st quarter, which had the weakest pace of GDP growth in three years.Consumers thought the harsh winter weather was mainly responsible,” the indicator’s statement read. Consumer sentiment would suffer more if the economy failed to rebound in the months ahead, though the survey revealed that consumers feel the economy will be strong enough to produce more jobs in the year ahead.

RECOMMENDATION :
1. Buy GBP/USD Above 1.6790- TG: 1.6810/ 1.6840 SL 1.6760
2. Sell GBP/USD Below 1.6750- TG: 1.6730/ 1.6700 SL 1.6780

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