TRADING TIPS :
- Forex – EUR/USD firms on dismal U.S. GDP data
- Forex – GBP/USD erases losses but remains under pressure
- Forex – Dollar broadly lower after weak U.S. data on GDP, durables
EUR/USD was up 0.23% at 1.3638, up from a session low of 1.3600 and off a high of 1.3652.The pair was likely to find support at 1.3574, Monday’s low, and resistance at 1.3677, the high from June 6.The Commerce Department reported earlier that U.S. gross domestic product contracted at an annual rate of 2.9%in the first quarter of the year, far surpassing consensus forecasts for a decline of 1.7%.U.S. first-quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.The difference between the second and third estimate was the largest since records began in 1976, the Commerce Department added.A separate report showed that U.S. durable goods orders fell 1.0% in May, while core durable goods orders fell 0.1%. Market expectations had been for an increase of 0.2% and 0.4%, respectively.
GBP/USD pulled away from 1.6952, the pair’s lowest since June 18, to hit 1.7000 during U.S. morning trade, up 0.09%.Cable was likely to find support at 1.6924, the low of June 18 and resistance at 1.7061, the high of June 20.The dollar came under pressure after the Commerce Department said gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.
1. Buy GBP/USD Above 1.7010- TG: 1.7030/ 1.7060 SL 1.6980
2. Sell GBP/USD Below 1.6960- TG: 1.6940/ 1.6910 SL 1.6990