Daily Technical Analysis by FxGrow

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FxGrow Fundamental Analysis – 19th April, 2017
By FxGrow Investment Research Desk

Crude oil Slips Over API Report, U.S Inventories in Focus

Crude Oil levels dipped -$0.76 yesterday with a 52.09 low, a minor downward correction after API report showed that U.S. crude stockpiles fell less than expected in the latest week while gasoline stockpiles grew unseasonably, but markets remained bloated. On Wednesday, oil showed stability with 52.61 high after OPEC Secretary-General Mohammad Barkindo mentioned that all oil producers taking part in a supply-cut treaty are committed to deliver global inventories down to the industry's five year average and restoring stability to the market.

OPEC and non-OPEC producers agreed in December to cut supplies for six months, helping lift oil prices to about $55 a barrel after a two-year slump. OPEC will review policy for the second half of this year at a May 25 meeting.

Barkindo, crossed wires in the United Arab Emirates, saying that compliance data in March is showing better conformity by the oil producers with the agreement than in February.

OPEC with other producers like Russia, has agreed to curb output by almost 1.8 million barrels per day (bpd) during the first half of the year. Saudi crude exports dropped to 6.96M bpd during February, from 7.7 million bpd in January, according to (Jodi). Its production, however, rose to 10 million bpd in February, up from 9.75 million bpd in January, as domestic refiners processed more oil. (Reuters).

Trump recently waived that Iran's nuclear treaty will be revised, but ever since sanctions were lifted against Tehran, crude oil exports has doubled and more which kept market oil supplies overloaded and contributed to oil bearish levels, at that, Trump has the time to consider any move towards Iran, since it's of U.S interest to maintain lower oil levels.

Look forward for U.S Inventories today which will impact crude levels for the next coming days.

Technical overview:

Trend: Bullish sideways

Resistance levels: R1 52.67, R2 53.22, R3 54.05

Support levels : S1 52.08 , S2 51.48, S3 50.78

Comment: The market remains short term bullish with choppy trading. Closing above R1 will sustain bullish forces and projects for a larger hike towards R2&R3. A close below S1 alerts for futher selloffs with congestion and wash towards S2&S3. Below S3, market will shift bearish.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Fundamental Analysis – 20th April, 2017
By FxGrow Investment Research Desk

Gold Retreats As Political Tension Fades Away, Eyes on U.S Data

Gold shed -$16.79 yesterday with a 1273.81 weekly fresh lows due to aggressive selling and abandoning buying positions, still above 200 D1 SMA at 1255. Last week and Monday's rallies supported by geopolitical tension, lifted gold to 1295.27 2017-highs. Although political and economical uncertainties has temporary lulled, the coming days will witness arousing events. first from the French elections round this Sunday, to PM May's call for early British elections which was approved yesterday and on May the 2nd, the Parliament will be dissolved. Add to that, Trump's and his unpredictable tweets and propaganda media announcements are always on Stand-buy position, could provoke gold yet again as traders leans to the yellow metal as a sacred haven substitute.

Fundamentals:

1- USD - Unemployment Claims today at 12:30 PM GMT.

2- French Elections This Sunday.

Technical Overview:

Trend: Bullish Sideways

Resistance levels: R1 1284.02, R2 1295.80, R3 1310.81

Support levels : S1 1271.15, S2 1264.28, S3 1256.64

Comment: Gold remains bullish despite yesterday's minor down correction. Staying above S1 sustains bullish forces and calls for additional rallies and a penetration for R2 level will dilate further gains towards R3. The other scenario, longing below S1 level will increase selloffs with congestion and wash towards S2&S3. A close below S3 calls for trend reversal and market to consider gold bearish. Keep an eye on U.S Index levels and French elections this Sunday with end results will have an impact on Gold.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Fundamental Analysis – 21st April, 2017
By FxGrow Investment Research Desk

All You Need to Know About French Elections And Its Impact on EUR/USD Levels

French elections are knocking on doors and bets are already placed by markets on every candidate and their agendas. Now, whoever qualifies for the second round, will have a huge impact on market despite the outcome. the race is tight, and on Sunday, 23rd of April, French citizens will elect two candidates out of four who shall be eligible for the next round on May the 7th. Although this may seem irrelevant, but market should pay attention that UK parliament will be dissolved on May the 2nd, and if both dates ( May 2nd & May 7th), combined together, market will be chaotic taking into consideration UK and France, two nations representing top ten markets contributing to global economy.
This election comes within a year of the unexpected Brexit vote in the UK and the election of populist Donald Trump as president of the United States last November.
In France, the possibilities are no less dramatic with the steady advance of the far-right National Front's Marine Le Pen taking advantage of recent threats and terror attacks on Europe.

Note: There are eleven French candidates running on April 23rd, but according to polls, it's more likely that the four candidates; Le Pen, Macron, Mélenchon, and Fillon being triumphed or qualifying for second round on May 7th 2017. In case one of the four nominees managed to secure more than 50% of French voters, then the second round on May 7th will be discarded and a winner will be announced

First, let's identify the four French candidates and their agenda, after that, the picture will purify and how the market will head especially for the EURO coming future.

1- What does Le Pen want:

• Negotiation with Brussels on a new EU, followed by a referendum.
• "Automatic" expulsion of illegal immigrants and legal immigration cut to 10,000 per year following an immediate total moratorium.
• "Extremist" mosques closed and priority to French nationals in social housing.
• Retirement age fixed at 60 and 35-hour week assured.

2- What does Macron want:

• €50bn (£43bn; $53bn) public investment plan to cover job-training, exit from coal and shift to renewable energy, infrastructure and modernisation.
• Reimbursement of full cost of glasses, dentures and hearing aids.
• Big cut in corporation tax and more leeway for companies to renegotiate 35-hour week.
• Cut in jobless rate to 7% (now 9.7%).
• Ban on mobile phone use in schools for under-15s and a €500 culture pass for 18 year olds.

3- What does Mélenchon want:

• Voting from age of 16 and a "Sixth Republic" to replace the existing presidential system.
• Constituent assembly to acquire greater powers, voted in by proportional representation.
• Zero homelessness and full reimbursement for prescribed health care.
• Recognize burn-out as an occupational disease.
• Sharp-tongued Mélenchon galvanizes left.
• Abandon nuclear power
• Renegotiate the terms of France’s EU membership

4- What does Fillon want:

• To scrap half a million public sector jobs and the 35-hour work week
• Removing the wealth tax (ISF)
• To strip jihadists returning from the wars in Iraq or Syria of French nationality
• Requiring parents in receipt of social allowances to agree to a "parental responsibility contract", to tackle children's absenteeism or behaviour "disrespectful of the values of the [French] republic"
• Lifting EU sanctions on Russia and helping Syrian President Bashar al-Assad defeat so-called Islamic State (IS).

Who will win?

According to pollsters, 48-year-old Le Pen, an anti-EU candidate, is expected to qualify for the second round but ultimately lose to Emmanuel Macron, 39. A Le Pen victory would send shock waves every bit as seismic as events in the UK and US, likely spelling the end of the European Union in its current form. Her victory would also domestically test the country's already strained relations with its sizable Muslim community.

What will happen to EURO?

Now we have established the above candidates and their agendas, the main concern for traders and EURO future levels are whether France will stay in EU or depart. Le Pen and Macron are more likely to qualify for the second round, but that's not the problem. Le Pen ( Anti EU ) and Macron ( Pro EU ) will still commit to EURO bear and bull forces.

Scenario 1:

If Macron was on top and Le Pen second, optimism will arouse as France will still be part of EU cartel despite Le Pen qualifying for second round taking into consideration that Macron scored more votes which should boost and energize EURO facing U.S Dollar rival.

Scenario 2:

On the other hand, if Le Pen came first and Macron second, this indicates that Le Pen odds of heading the final round will more likely increase and the doubt about Frexit will start creeping into minds, which will result in EURO collapsing.

Scenario 3:

A qualification for Mélenchon will still support French EU membership although Mélenchon calls for a reformation between France and EU treaties, but has never called for a break from EU union.

Scenario 4:

Fillon (Pro EU) supports France being part of the EU and calls lifting sanctions on Russia which should ease the tension between Europe and Russian, and this could result in an economic growth for both countries as they both benefit and EURO could boost up on positive expectations.

Technical overview:

Market will witness high volatility for EUR/USD levels especially on Monday opening trading sessions due to the French election end results. EUR/USD bullish forces could hike towards 1.100 resistance level as optimism arouses given that France will stay in the EU. On the other hand, in case EUR/USD collapses, expectations of bearish trend could bottom at 1.0450 support level. Resistance and support levels could take time to be reached depending on the consequences of the election.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

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FxGrow Fundamental Analysis – 24th April, 2017
By FxGrow Investment Research Desk

EUR/USD Gaps Upward Over French Election Pollsters, Eyes on Local Data

EUR/USD inaugurated early trading sessions with a +190-pips upward gap, then added +2-pips and clocked 5 months a half high at 1.0918 driven by optimism aroused by yesterday's French Election first round outcome given that Macron (Pro EU) headed first with 23.7% of French voters, Le Pen (Anti EU) second 21.7%. But what really boosted EUR/USD is that Fillon (Pro EU) came third with 19.9% and has requested his supporters to add their votes to Macron, hence an EU dissociation now falls into a thin scenario but still, a second round will be conducted on May the 7th where Macron and Le Pen face each others neck to neck, and Frexit will a greasy item on the menu which will create a high volatility of the pair trading coming days, depending on how French Polls play ahead.


The pair failed to guard the 1.09 level, retreated to 1.0820 low as minor down-trend correction, currently trading 1.0864 intraday. U.S Index also gaped -$0.78 with a 98.83, adding -$2.41 losses to April the 10th 101.24 high. Although EUR/USD currently bullish, market should expect a choppy bullish and bearish sideways trade for the pair in the coming hours. Trade could be poised with shy price action in the coming 2 hours ahead of German Ifo and Buba reports, but volatility should re-kick after the release.

Fundamentals:

1- EUR -German Ifo Business Climate today at 8:00 AM GMT.

2- EUR - German Buba Monthly Report today at 10:00 AM GMT.

Technical Overview:

Trend: Bullish Sideways

Resistance levels: R1 1.0924, R2 1.0962, R3 1.1005

Support levels : S1 1.0818, S2 1.0755, S3 1.0681

Comment: The market is bullish with expectations of intensive choppy sideways trade due to the above fundamentals. Dips should fight S1. Closing above 1.08 is positive. A penetration for R1 level projects additional hikes towards R2 level. A penetration for S1 level will increase selloffs and wash towards S2 level at which below, the cable will turn bearish. Keep an eye on U.S index levels.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

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FxGrow Fundamental Analysis – 24th April, 2017
By FxGrow Investment Research Desk

Copper Slips Over Industrial Demand Decline

Copper extended the bearish momentum for the third consecutive weak and suffered losses amid a broad decline for industrial metals on Friday as worries over political instability and global demand prompted investors to cut bets on higher prices. Currently, copper is trading 255.65 intraday.

Investors have overestimated global growth and the impact of supply disruptions at major copper mines, said Norbert Rucker, head of commodity research at Julius Baer. Copper could slip to $5,200 a tonne in the next three months, he said.

* COPPER SUPPLY: The global refined copper market had a 51,000 tonne surplus in January, up from a 44,000 tonne surplus in January last year, the International Copper Study Group (ICSG) said. But the strike at the Escondida mine in February-March meant "next month's report should reflect a tighter market", analysts at ING said.

* FREEPORT EXPORTS: Freeport McMoran Inc's Indonesia unit has been granted a permit to export 1.11 million wet metric tonnes of copper concentrate until February of next year, a trade ministry official said. (Reuters).

* FREEPORT STRIKE: Freeport also warned that it would punish workers for absenteeism at its Indonesian operation, a day after one of its main unions announced plans for a one-month strike over employment conditions. (Reuters).
Technical Overview:

Trend: Bearish

Resistance levels: R1 257.01, R2 259.36, R3 261.69

Support levels : S1 254.04, S2 249.35, S3 246.10

Comment: The market is triggering a downturn from congestion and targets a stretch down under 249.00. A close below 249.00 is bearish. Any correction should stay contained under 260.00 and use congestion to bear flag. A close above R3 level is needed for trend reversal and shift to higher prices.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

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FxGrow Fundamental Analysis – 25th April, 2017
By FxGrow Investment Research Desk

Aussie Declines Despite Weaker U.S Dollar, Eyes On Local CPI

8 AM GMT, Australian dollar is showing weakness with 0.7530 weekly low with -41-pips price action, slightly (3-pips) below 200 SMA D1. Although U.S Dollar plunged today to 98.85 low, the Aussie failed to take advantage of current pale U.S Index. AUD/USD levels awaits local CPI tomorrow and on previous session, Australian CPI booked 0.5% and forecasts are expected to be 0.6%. U.S Consumer Confidence today also could add more pressure on the Aussie as U.S Dollar reacts on the outcome.

Latest inflation report released by Reserve Bank of Australia RBA indicates an inflation of 1.5% on Dec 2017. RBA Gov. Lowe will cross wires on Asian session this Thursday, and taking into consideration that CPI is highly positive as forecasts, and inflation less than 2%, expectations of a hawkish tone by Lowe is high where the Gov. could extend previous press conferences laying out a strong Australian economy which should re-boost the Aussie.
Fundamentals:

1- USD - Consumer Confidence today at 2:00 PM GMT.

2- AUD - Consumer Price Index tomorrow at 1:30 AM GMT.

3- AUD - RBA Gov. Lowe speech opening session on Thursday.

4- USD - Core Durable Goods Order and Unemployment Claims both at 12:30 PM GMT on Thursday.
Technical Overview:

Trend : Sideways

Resistance levels : R1 0.7605, R2 0.7672, R3 0.7745

Support levels : S1 0.7505, S2 0.7439 , S3 0.7355

Comment: Expectation of high volatility for AUD/USD due to the colorful economic events. Gov. Lowe speech will set the tone the Aussie, as for U.S Dollar, the U.S Data will determine how U.S Index will perform the next hours.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

[EuroTrader]

FxGrow Fundamental Analysis – 24th April, 2017
By FxGrow Investment Research Desk

EUR/USD Gaps Upward Over French Election Pollsters, Eyes on Local Data

EUR/USD inaugurated early trading sessions with a +190-pips upward gap, then added +2-pips and clocked 5 months a half high at 1.0918 driven by optimism aroused by yesterday's French Election first round outcome given that Macron (Pro EU) headed first with 23.7% of French voters, Le Pen (Anti EU) second 21.7%. But what really boosted EUR/USD is that Fillon (Pro EU) came third with 19.9% and has requested his supporters to add their votes to Macron, hence an EU dissociation now falls into a thin scenario but still, a second round will be conducted on May the 7th where Macron and Le Pen face each others neck to neck, and Frexit will a greasy item on the menu which will create a high volatility of the pair trading coming days, depending on how French Polls play ahead.


The pair failed to guard the 1.09 level, retreated to 1.0820 low as minor down-trend correction, currently trading 1.0864 intraday. U.S Index also gaped -$0.78 with a 98.83, adding -$2.41 losses to April the 10th 101.24 high. Although EUR/USD currently bullish, market should expect a choppy bullish and bearish sideways trade for the pair in the coming hours. Trade could be poised with shy price action in the coming 2 hours ahead of German Ifo and Buba reports, but volatility should re-kick after the release.

Fundamentals:

1- EUR -German Ifo Business Climate today at 8:00 AM GMT.

2- EUR - German Buba Monthly Report today at 10:00 AM GMT.

Technical Overview:

Trend: Bullish Sideways

Resistance levels: R1 1.0924, R2 1.0962, R3 1.1005

Support levels : S1 1.0818, S2 1.0755, S3 1.0681

Comment: The market is bullish with expectations of intensive choppy sideways trade due to the above fundamentals. Dips should fight S1. Closing above 1.08 is positive. A penetration for R1 level projects additional hikes towards R2 level. A penetration for S1 level will increase selloffs and wash towards S2 level at which below, the cable will turn bearish. Keep an eye on U.S index levels.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

A lot of market volatility was seen just when the news of the French elections came. I was waiting for this event so i made 135 pips and closed my trade.

Thanks to FxGrow for giving such useful analytic to traders like us

 

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FxGrow Fundamental Analysis – 03rd May, 2017
By FxGrow Investment Research Desk

Crude oil Slips Over Signs of Increasing U.S Oil Inventories And Weaker OPEC Compliance

Crude Oil prices plunged to $47.47 low on Tuesday, adding additional losses for this week with -$1.80, almost 3%, and on Wednesday, crude scored $47,80 low, currently trading 48.18 intraday. Crude bearish forces were the result of two factors.

1- U.S. production increased by more than 450,000 barrels per day (bpd) in the past five months ending in Feb, according to the U.S. Energy Information Administration (EIA). Total U.S. crude production has increased from a recent low of 8.567M bpd in Sep to 9.031M bpd in February (“Petroleum Supply Monthly”, EIA, April 28). Production continued rising in March and Apr, and now stands at over 9.2M bpd, according to weekly estimates published by the agency (“Weekly Petroleum Status Report”, EIA, April 26).

The rapid recovery in U.S. output is one of the factors making market re-balancing slower than OPEC anticipated. Most of the increase so far has come from non-shale producers in the Gulf of Mexico and Alaska. But the massive increase in the number of rigs drilling onshore should ensure shale output rises substantially in the remainder of 2017. Gulf of Mexico output rose by 228,000 bpd in the five months to February, while onshore production from the lower 48 states increased by 175,000 bpd and Alaska’s output rose 61,000 bpd. (Reuters).

2- OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys.

Eyes are focused now on May 25th where OPEC will meet again in Vienna where they will decide on extension for end of 2017. OPEC had already met on the end of 2016 where they agreed to cut oil production till June 2017 with efforts to curb global oil supply, which resulted in in highest levels for crude oil at $55.22 bp on Jan 2017.

There seems to a be a general consensus to do so, Khalid Al-Falih, the Saudi minister of energy and industry and the de-facto OPEC leader, said last week. The United Arab Emirates insisted Tuesday that all participants -- which include some non-OPEC nations such as Russia -- need to commit to the effort. If OPEC meeting on 25th May was successful, market should expect a new crude record for 2016 aimed at $60 bp.

Today U.S Inventories will be published at 2:30 PM GMT which should bring new perspectives for crude levels.

Technical Overview:

Trend: Down / Sideways

Resistance levels: R1 49.22, R2 50.17, R3 51.15

Support levels: S1 47.51, S2 46.94, S3 46.17

Comment: The market remains bearish but U.S crude inventories today should bring new perspectives for oil levels. A penetration for R1 level projects further bullish hikes with targets R2&R3 level. Closing below S1 will increase further selloffs and wash towards S2 level. A close above R2 level alerts for trend reversal and only closing above R3 confirms that market has shifted upward and crude to be considered bullish.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

[FxGrow Support]

FxGrow Fundamental Analysis – 03rd May, 2017
By FxGrow Investment Research Desk

Heads Up For FOMC Meeting Tonight

Market is poised with confusion about FOMC meeting tonight and possible outcomes. It is largely expected more than 90%, that US Fed are to leave current Interest Rates at current 1.00% without any changes which should send a short-term negative reaction, awaiting FOMC statement.

Now we have established the fact the U.S Central Banks will not touch the rates tonight, the statement and the following press conference will take center stage and as policymakers seem to shirt the path of monetary and fiscal from rates to the balance sheet. Yellen and Co. will cautiously choose their words with efforts to withhold U.S Dollar from further declines.

Last March during FOMC meeting, Yellen mentioned that changes on the balance sheet will depend on economic conditions, and latest data including weak GDP last week and poor macroeconomic readings have lead markets to doubt that the central bank will raise rates two more times this year, with three "live" meetings ahead that could offer such outcome: June, September and December.

If the FOMC meeting hinted that market should not expect a hike during June, markets will assume that chances for additional rate increase this year will be left at one taking into consideration that the U.S Fed will unlikely to raise rates on two consecutive sessions. This would result in a negative impact for U.S Dollar. But in case June is left on the rate menu with high odds, a chances for two hikes including this June and end of Year 2017, this should handle boosting the U.S Dollar for the short-run.

A hawkish scenario is unlikely, and unless the Fed clearly indicates that two rate hikes are still on the table, dollar gains are likely to be short-term and limited, not enough to revert the sour tone that surrounds current pale U.S Dollar. Last U.S Fed hike that resulted in 0.25%, it was seen that U.S Dollar dipping instead of surging. This was justified that March hike was largely expected and market traded on " Buy the rumor, sell the fact".

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-education/fxgrow-academia/fxgrow-blog

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision

 

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FxGrow Daily Technical Analysis – 04th May, 2017
By FxGrow Research & Analysis Team

Sterling Retreats as U.S Dollar Strengthen, Eyes on Local PMI

Yesterday, market was cheerful and satisfied with FOMC statement despite the fact that U.S Interest Rates were left unchanged at current 1.00 as market were already expecting it. June odds were increased up to 75%, as a result, GBP/USD had to submit to bullish U.S Dollar with -82-pips price action and 1.2864 low.

Today, GBP/USD clocked 1.2850 May-fresh-lows as U.S Index still under the positive shock with 99.32 high. Currently the pair is trading 1.2857 intraday with expectations of additional declines, but the pair should withhold the bullish trend unless GBP/USD breaks the 1.27 handle.

On the other hand, PM May has launched an extraordinary attack on Brussels, accusing European Union politicians and officials of seeking to disrupt the general election and willing Brexit to fail in a combative address delivered from Downing Street.

Speaking after returning from Buckingham Palace to inform the Queen that parliament had been dissolved for the 8 June poll, May delivered an unexpectedly antagonistic speech, urging voters to “give me your backing to fight for Britain”.

UK is set to release local Services PMI today along with U.S Unemployment claims which will give a better outlook on how the pair will perform the coming hours.

Fundamentals:

1- GBP - Services PMI today at 8:30 AM GMT.

2- USD - Unemployment Claims today at 12:30 PM GMT.

3- USD - NFP - Non-Farm Payrolls tomorrow at 12:30 PM GMT.

Technical overview:

Trend: Bullish Sideways

Resistance levels: R1 1.2966, R2 1.3071, R3 1.3176

Support levels: S1 1.2774, S2 1.2678, S3 1.2578

Comment: The pair remains bullish with choppy sideways trading taking into consideration current strong U.S Dollar status. Dips should fight S1 level. Closing above 1.2760 is positive. A penetration for S1 level will increase selloffs and wash towards S2 level. Closing above R1 level projects further bullish waves towards R2 level. The pair to be considered bearish if market closed below S2 level.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.