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GBP/USD WEEKLY OVERVIEW

Despite British Prime Minister Theresa May formal request to quit European Union, this week pound gained up to 1.0% against dollar which is eight week high of $1.2615 on Monday. On the other hand several major banks have predicted fall of pound below $1.20 due to political uncertainty created during process of Brexit and forthcoming Scottish Independence referendum. Meanwhile dollar slide down 0.65% its lowest since November 2016 due to Trump’s defeat in Congress on key issue of health care reform bill, first major failure in Congress where his Republican party is in majority it’s really a big setback. On Thursday British pound geared strongly against the dollar rising 0.7% to $1.2525. The dollar index on Thursday erased its gains by falling from a nine day high.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.2016
1.2254
1.2371
1.2493
1.2609
1.2731
1.2970
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.24904
1.26144
1.23759
1.24872
0.0246
EUR/USD WEEKLY OVERVIEW

On beginning of market on Monday, the Euro reached $ 1.0904, its highest since Nov 11, 2016. On Wednesday Euro fell to $ 1.0741 it’s lowest since March 21, 2017. In fact whole scenario is engulfed with forth coming election in France, a major member of European Union, on 23/4/2017. In France Liberal Party Chief Emmanuel Macron who is supporter of globalization, more liberal France and wants more active part of France in European Union seems to win election as compared to his rival National Front Chief Marine Le Pen who is totally against the membership of France in European Union and termed it against the sovereignty and integrity of France.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.0282
1.0517
1.0601
1.0753
1.0837
1.0989
1.1225
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.08381
1.09052
1.06693
1.06855
1.40199
USD/JPY WEEKLY OVERVIEW

On Monday the dollar fell more than 1% to 110.09 against Japanese Yen, it’s lowest since Nov 18. On Wednesday the dollar rose 0.4 % against Yen. Overall position remained calm as Bank of Japan Governor Haruhiko Kuroda’s clarification regarding no hike in bank bond’s yield in Japan received mixed reaction in the market.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
107.2030
109.2910
110.5690
111.3790
112.6570
113.4670
115.5550
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
110.906
112.189
110.101
111.847
0.8434

 

GOLD WEEKLY OVERVIEW

Gold hits more than 1% on Monday and slipped the dollar to a four month low. Spot gold was up 1.2% at $ 1259.11 an ounce. US gold futures were up 0.8% at $ 1258. This is the outcome of US President Donald Trump’s defeat in Congress on the issue of his key health care reforms bill where his Republican Party is in majority a major setback. On Thursday gold prices dipped down as the dollar strengthened but uncertainty of Brexit and French election supported the gold prices. Gold is at $1260 level whereas Spot gold was down 0.1% at $1250.66 an ounce and gold futures dipped to 0.3% at $1250.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1204.5767
1225.9567
1233.7533
1247.3367
1255.1333
1268.7167
1290.0967
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1245.57
1260.92
1239.54
1241.55
0.3247
OIL WEEKLY OVERVIEW

Oil continued its slide on Monday due to uncertainty on OPEC decision to continue cut in its output. Brent crude fell 17 cents to $50.63. Brent session low was $ 50.03 whereas US crude was down 33 cents at $47.63 a barrel. Oil prices rose to 2% on Tuesday after major disruption to Libyan oil supplies on Wednesday according to reports in Libya oil production dropped by 250,000 bpd this week due to blocking of western oilfields of Sahara and Wafa by armed protestors. Moreover oil prices rose more than 2% as US crude inventories recorded less as expected. Consequently, on Thursday oil prices hit high for a third day to their highest in three weeks after Kuwait oil minister’s statement regarding imposing cut on its oil output in favour of OPEC decision. Brent crude oil settled up about 1% to $ 52.96 a barrel after hitting $53.10.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
51.5933
51.7533
51.8367
51.9133
51.9967
52.0733
52.2333
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
51.91
51.99
51.83
51.92
0.0192

 

ISMAR Financial – MUJEEB UR REHMAN KHAN – Director, Corporate Affairs

DISCLAIMER: This report has been prepared by ISMAR financial. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. This document is only for Reading information.

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