Currency Trading Signal
GBP/USD is
trading at 1.6263, down -0.08% on the day, having posted a daily high at 1.6280
and low at 1.6249.
GBP/USD is
on tenterhooks and markets are trading around updates in relation to the Yes /
No pollings of whether Scotland will break away from the UK. The pound will
come under fire as investors move away from British investments as there will
be much uncertainty going forward of how relations between the countries will
pan out in respect of trade and domestic operational capabilities while there
are many questions still left unanswered in such a scenario where the United
Kingdom loses Scotland to independency.
Moreover,
the BoE’s and MPC policy will be subsequent of this result going forward. On
this note, the lower CPI readings will not support an early rate hike at this
stage and as Valeria Bednarik, chief analyst at FXStreet explains, if
employment readings on Wednesday also result weak, chances of a tighter
economic policy will reduce even further. Technically, she explained the 4
hours chart indicators are biased higher crossing above their midlines, with
some further gains now pointing for a test of 1.6350, 50% retracement of the
same rally.
GBP/USD support and
resistance levels
Support
levels: 1.6250 1.6220 1.6190
Resistance
levels: 1.6315 1.6350 1.6385
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