SGX IForex Recommendations

TRADING TIPS :

The pound dropped to nearly five-year lows against the U.S. dollar on Wednesday, after data showed that the U.K. unemployment rate remained unexpectedly unchanged in January and that average U.K. earnings rose less- than-expected. GBP/USD hit 1.4668 during European morning trade, the pair’s lowest since June 2010; the pair subsequently consolidated at 1.4673, sliding 0.51%. Cable was likely to find support at 1.4343 and resistance at 1.4845, Tuesday’s high. In a report, the U.K. Office for National Statistics said that the rate of unemployment was unchanged at 5.7% in the three months to January, disappointing expectations for a decline to 5.6%.

INTRADAY OUTLOOK

Support: 1.4630

Resistance: 1.4750

RECOMMENDATION:

1. Buy GBP/USD Above 1.4680-TG: 1.4700/1.4730 SL 1.4650

2. Sell GBP/USD Below 1.4630-TG: 1.4610/1.4580 SL 1.4660

INTRADAY OUTLOOK

Support: 1.0550

Resistance: 1.0680

RECOMMENDATION:

1. Buy EUR/USD Above 1.0650-TG: 1.0670/1.0700 SL 1.0600

2. Sell EUR/USD Below 1.0570-TG: 1.0550/1.0520 SL 1.0600