Today’s Hot Asset for you to Trade On: GBP/USD.
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The EUR/USD moved down slightly at the close of last week. During today’s Asian session the price remained low and reached 1.2420. Upcoming economic data is believed to put more pressure on the Euro and the sentiment is expected to continue. However, the pair did manage to spring up a bit after the release of positive Spanish Manufacturing PMI data, the pair moved up 50 pips.
Short term expiries should be taken advantage of today, as volatility remains high. Later today, at 3.00PM (GMT) the U.S. ISM Manufacturing PMI is set for release. The movement is sideways. Support is found at 1.2400 and resistance at 1.2540.
The pair continued to trade sideways last week. Friday saw the GBP/USD decline to a 1 year low, but was able to reverse before reaching 1.5580. A positive climb was spotted this morning and the pair began to climb towards 1.5700. The positive release of EU data created an impulse; support from the U.K. Manufacturing PMI data helped the pair to regain strength. The British index showed that industry is growing at a better rate than what was expected.
Traders should pay attention to the U.S. ISM Manufacturing PMI, later today. The trend is slightly bullish. Support is found at 1.5690 and resistance at 1.5740.
Trend: Slightly Up
Gold was able to stay above $1,190/ounce for most of last week as the market awaited the Swiss referendum. On Friday, a large drop was felt and the price reached a low of $1,165/ounce. Traders began to factor in the growing expectation that the referendum will not result in increasing reserves. Voters were asked whether or not the country should increase its reserves from 8% to %20, the actual voting was negative and the price continued its downward stray to reach$1,142/ounce.
However, the metal price is on the up today, following weakening signs on the U.S dollar, reaching $1,180/ounce so far.
The movement is slightly bullish. Support is found at 1,140 and resistance at 1,200.
Trend: Slightly Up
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