13May
forex-market-hours

IForex Market Trading Signals and News – 13 May 2016

MARKET UPDATES :

  • Forex – GBP/USD slips lower ahead of BoE decision
  • Forex -Dollar edges higher, U.S. jobless claims ahead
  • Forex-Yen weaker on BOJ easing talk, BOE’s ‘Super Thursday’ in focus

EUR/USD
EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke above the descending channel, headed long and even tested the resistance level 1.1438. During this intraday, we still expect further movements to the upper side but should not go above 1.14770, A clear breakout above 1.1477 will push the price further to the upper side. This view can only be invalidated in case the price clearly rebounds from 1.1438. This pair should be traded alongside EUR/GBP, GBP/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.As long as the level 1.1438 protects the upper side, look for possible short positions from 1.1438 with your target at 1.1396. A clear breakout above 1.1438 will call for long positions with a target at 1.1477. A clear a breakout above 1.1477 will call for further long positions with an ideal target at 1.14391.

GBP/USD
The pound slipped lower against the U.S. dollar on Thursday, as investors remained cautious before the Bank of England’s policy statement due later in the trading session.GBP/USD hit 1.4407 during European morning trade, the session low; the pair subsequently consolidated at 1.4433, easing 0.09%.Cable was likely to find support at 1.4371, the low of May 9 and resistance at 1.4543, the high of May 6.Later Thursday, the BoE was expected to leave its benchmark interest rate unchanged at 0.5% at the level of its monthly asset purchases at £375 billion.Investors were looking ahead to comments by BoE Governor Mark Carney, scheduled after the policy statement, for indications on the central bank’s future policy moves.

RECOMMENDATION :

  • BUY GBP/USD AROUND 1.4425 TARGET 1.4445 1.4475 SL 1.4395
  • SELL GBP/USD AROUND 1.4488-1.4490 TARGET 1.4466 1.4436 SL 1.4518

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