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Technical News | GDMFX Brokerage | Daily

Postby GDMFX » Tue Jun 24, 2014 11:34 am


Forex News: Yesterday the pair continued its slow and ranging movement, trading slightly lower on the back of disappointing European Manufacturing data and a slightly better value of the US Existing Home Sales.


Technical Outlook
Support and resistance levels are still holding and the pair becomes less volatile as days go by; the first event that may generate strong movement is the break of the triangle pattern seen on the chart above. If the support located at 1.3585 is holding and rejects price higher, we are likely to also see a bullish break of the triangle but for the time being, the lower part of the triangle creates a confluence zone with 1.3585 horizontal support so the bears will have a tough time breaking it.

Fundamental Outlook
An important German survey is released today at 8:00 am GMT: the IFO Business Climate. The importance of the survey comes from its large sample of about 7,000 businesses that are asked to rate the current level of economic conditions and to give a 6-month outlook. The expected figure is 110.3, an almost insignificant change from last month’s 110.4 and higher numbers usually strengthen the Euro.

At 2:00 pm GMT the US Consumer Confidence survey is released; this survey acts as a leading indicator of consumer spending and economic health at the same time, hence higher numbers are beneficial for the US Dollar. The forecast is an increase to 83.6 from 83.0.

The US Dollar strengthened once positive economic data was released and as a result, the bears managed to nullify the gains obtained by the Pound previously during the day. Neither support nor resistance was broken and overall we had an uneventful day.


Technical Outlook
The pair is confined between 1.7063 resistance and 1.6996 support and until either one is broken, our bias is neutral. The Pound is on a clear uptrend but perhaps a stronger retracement lower is needed before we can see a break of 1.7063. Mark Carney’s public speech will most likely have a high impact on price direction and will possibly determine a break of support or resistance.

Fundamental Outlook
At 8:30 am GMT the Inflation Report Hearings take place in London. Bank of England Governor Mark Carney and other members of the Monetary Policy Committee will testify on inflation and economic outlook. Their comments will most likely have a great impact on the Pound and caution is recommended if trading at the time. As always, the US events will directly affect the pair’s movement.

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