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EPIC RESEARCH : - Weekly i-forex Report Of 13 August 2018

Weekly i-forex Report Of 13 August 2018

, 13 August 2018 -- The GBP/USD pair maintained its heavily offered tone, 13-month lows, and had a rather muted reaction to the US macro data

EPIC RESEARCH : - Weekly i-forex Report Of 13 August 2018


INTERNATIONAL CURRENCY BUZZ

Forex - U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions
Forex - EUR/USD drops below 1.14 for the first time in 13 months
Forex - GBP/USD struggles near 13-month lows, below 1.2800 mark post-US CPI

GBP/USD

The GBP/USD pair maintained its heavily offered tone, 13-month lows, and had a rather muted reaction to the US macro data. The pair's modest attempted recovery move, supported by today's mostly positive UK macro data, struggled to make it through the 1.2800 handle and was being capped by the prevailing strong bullish sentiment surrounding the US Dollar. The already stronger greenback got an additional boost following the release of latestUS consumer inflation figures, coming in to show a 0.2% m/m rise in July as compared to a modest 0.1% increase in the previous month. Conversely, the yearly rate held steady at 2.9%, as against 3.0% expected, albeit the disappointment was largely offset by an unexpected uptick in the yearly core CPI print that showed a rise of 2.4%.

EUR/USD

The EUR/USD pair extended its losses in the NA session and touched its lowest level since early July of 2017 at 1.1393. With the trading volume thinning out toward the end of the week, the pair recovered a small part of its daily losses and was last seen trading at 1.1402, where it was down 1.1% on the day. Earlier today, the U.S. Bureau of Labor Statistics reported that the inflation, measured by the CPI, rose 0.2% and 2.9% in July on a monthly and yearly basis, respectively. Moreover, the core-version of the CPI, which excludes volatile food and energy prices, came in at its highest level since September 2018 at 2.4% to surpass the analysts' estimate of 2.3%. "Core inflation is likely to strengthen further, as wages are grinding higher (putting upwards pressure on costs)," ING analysts wrote. "Combined with strong momentum in the US economy -- Q2 growth reached 4.2% -- the Fedlooks like it will stick to its current plan to deliver two more interest rate hikes this year."

GBP/USD Daily Chart

INTRADAY OUTLOOK
Support: 1.2853
Resistance: 1.3253

RECOMMENDATION:
BUY GBPUSD ABOVE 1.2800 TGT 1.3000 1.3200 SL 1.2700
SELL GBPUSD BELOW 1.2700 TGT 1.2600 1.2400 SL 1.2800

EUR/USD Daily Chart

INTRADAY OUTLOOK
Support: 1.1438
Resistance: 1.1810

RECOMMENDATION:
BUY EURUSD ABOVE 1.1450 TGT 1.1550 1.1750 SL 1.1380
SELL EURUSD BELOW 1.1380 TGT 1.1280 1.1080 SL 1.1450


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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Monday, 13 August 2018 at 2:17 PM
Category: Business
 
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