SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.4839 during European morning trade, the pair’s lowest since Friday; the pair subsequently consolidated at 1.4867, retreating 0.57%.Cable was likely to find support at 1.4720, Friday’s low and resistance at 1.5012, the high of March 19.The pound dropped against the U.S. dollar on Monday, as the greenback regained some ground after declining sharply last week on the back of fresh uncertainty over the timing of a U.S. rate hike, while markets eyed upcoming U.K. data on industrial orders expectations.The dollar remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.

INTRADAY OUTLOOK

Support: 1.4930

Resistance: 1.4990

RECOMMENDATION:

1. Buy GBP/USD Above 1.4992-TG: 1.5012/1.5042 SL 1.4962

2. Sell GBP/USD Below 1.4928-TG: 1.4908/1.4878 SL 1.4958

INTRADAY OUTLOOK

Support: 1.0780

Resistance: 1.0860

RECOMMENDATION:

1. Buy EUR/USD Above 1.0862-TG: 1.0882/1.0912 SL 1.0832

2. Sell EUR/USD Below 1.0778-TG: 1.0758/1.0728 SL 1.0808