TRADING TIPS :
- Forex – GBP/USD gains on hawkish Carney statements
- Forex – U.S. dollar edges higher against Canadian dollar
- Forex – EUR/USD pares losses but remains under pressure
GBP/USD hit 1.7011 during U.S. morning trade, the pair’s highest since August 6, 2009; the pair subsequently consolidated at 1.6986, adding 0.11%. Cable was likely to find support at 1.6950 and resistance at 1.7050. The pound strengthened broadly after Mark Carney said last Thursday that rapid economic growth and the steep decline in the jobless rate mean that the time to begin raising interest rates is growing closer.
USD/CAD edged up 0.12% to 1.0869 from 1.0853 late Friday. The pair was likely to find support at 1.0821, the low of May 30 and resistance at 1.0905, Wednesday’s high. Crude oil prices touched session highs of $106.78 on Monday, as concerns over the ongoing Sunni insurgency in Iraq fuelled fears over the impact of reduced output from one of the world’s largest oil producers.
EUR/USD pulled away from 1.3513, the pair’s lowest since June 12, to hit 1.3538 during European afternoon trade, inching down 0.02%. The pair was likely to find support at 1.3500 and resistance at 1.3570.
1. Buy GBP/USD Above 1.7010- TG: 1.7030/ 1.7050 SL 1.6980
2. Sell GBP/USD Below 1.6950- TG: 1.6910/ 1.6870 SL 1.6980