GBP/USD TECHNICAL OUTLOOK : 31.08.2016

GBP/USD TECHNICAL OUTLOOK : 31.08.2016

NIFTY Fut TREND : BUY ZONE
BANKNIFTY Fut   : BUY ZONE

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GBP/USD. Pair after opening at 1.3102 made a high of 1.3120 , and saw some profit booking from the higher levels the pair is respecting the levels of 1.3200 as a resistance and 20DMA at 1.3128 and 1.3000 is acting as a support for the pair and rise is shorting opportunity for medium to long term player as the pair is making lower top and bottom formation

Fundamental Overview

Pound is trading at 1.3110, remaining the strongest contender against the dollar. There was no major data from the UK and even with the weaker economic data, Pound remained stronger and short covering could be the only reason for this appreciation. We would prefer selling the pair on every rise.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
11:30:00 AM GBP Nationwide HPI (MoM) (Aug) -0.30% 0.50%
11:30:00 AM GBP Nationwide HPI (YoY) (Aug) 4.80% 5.20%
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