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EPIC RESEARCH : - Weekly i forex Report Of 16 July 2018

Weekly i forex Report Of 16 July 2018

INDIA, 16 July 2018 -- The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low.

INTERNATIONAL CURRENCY BUZZ

Forex - British pound snaps back after initially falling on Friday
Forex - Dollar Retreats From 2-Week Highs as GBP/USD Rebounds
Forex - EUR/USD recovers from 1-week low and erases daily losses

GBP/USD

The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.01% to 94.56, after hitting a two-week high of 95.00. GBP/USD rebounded from an 11-day low of $1.3103 to $1.3213, after U.S. President Donald Trump walked back his criticism of British Prime Minister Theresa May, and claimed a U.K.-U.S. trade deal was still possible. That eased investor fears that Britain would struggle to secure a trade deal with the United States as Trump had reportedly told the Sun newspaper on Thursday that May's Brexit plan may "kill" Britain's chances of such a deal.

EUR/USD

The EUR/USD pair recovered ground after the beginning of the American session rising from 1.1612, 1-week low, to 1.1670, slightly below daily highs. The pair remained above 1.1650 after the release of the Federal Reserve monetary policy report that Powell will present next week to Congress. According to the document, prospective economic conditions call for further gradual removal of monetary policy accommodation. The report had no significant impact on the US dollar as it added no new information. Despite recovering against the US dollar, the euro turned lower versus the pound. The slide of EUR/GBP could have limited the upside in EUR/USD. On a weekly basis, the pair is about to post the first slide after rising during the previous there weeks. Overall, it continues to move within the 1.1800 - 1.1500 wide range.

GBP/USD Daily Chart


INTRADAY OUTLOOK
Support: 1.3026
Resistance: 1.3422

RECOMMENDATION:
BUY GBPUSD ABOVE 1.3260 TGT 1.3330 1.3430 SL 1.3220
SELL GBPUSD BELOW 1.3160 TGT 1.3090 1.2990 SL 1.3230

EUR/USD Daily Chart

INTRADAY OUTLOOK

Support: 1.1524
Resistance: 1.1880

RECOMMENDATION:
BUY EURUSD ABOVE 1.1700 TGT 1.1770 1.1870 SL 1.1650
SELL EURUSD BELOW 1.1640 TGT 1.1570 1.1470 SL 1.1690

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Monday, 16 July 2018 at 2:15 PM
Category: Business
 
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