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GBP/USD WEEKLY OVERVIEW

Pound lost its intensity soon after a suicide bombing attack on 23/05/2017 in the English City of Manchester resulting slipping of Pound below seven month high against the Dollar as the election campaign for election of June 8 has been suspended by main political parties of Britain. On Tuesday Pound traded lower, last down 0.1 % at $ 1.2993 below its highest level since September 29 hit last week. Pound has gained nearly 4 % since May. On Wednesday Pound got recovery after this week’s fell from eight months high by inching 0.1 % higher at $ 1.2972. However Pound has risen 7 % since hitting lows closed to $ 1.20 in mid-March. Due to sluggish growth just 0.2 % in Britain GDP Rate, Pound slipped against Dollar to 0.3 % on Thursday and traded at $ 1.2936.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.2757
1.2777
1.2788
1.2808
1.2819
1.2839
1.2850
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.2930
1.2931
1.2790
1.2798
1.0408
EUR/USD WEEKLY OVERVIEW

On Monday Euro hit a more than six months high against the Dollar. It has been observed that Euro is too weak due to European Central Bank policies which bounced Euro about half a cent around $ 1.1160. The Euro was up 0.23 % against the Dollar at $ 1.123 after hitting a high of $1.1263. On Tuesday Euro was down 0.29 % against the Dollar at $ 1.1203 whereas on Wednesday Dollar inches up just above 6-1/2 month’s lows. The Dollar index was down 0.08 %. The negative effect from European Central Bank policy badly influenced Euro to make it a too weak currency as claimed by German Chancellor Angela Merkel. The Dollar slips against Euro as Federal Reserve decided not to raise interest rates soon. The Euro after the significant surge during this month was up 0.2 % against the Dollar at $ 1.1204

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.1139
1.1150
1.1159
1.1170
1.1179
1.1190
1.1199
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.1210
1.1235
1.1161
1.1169
0.0345
USD/JPY WEEKLY OVERVIEW

The US Dollar was up 0.17 % against the Yen at 111.68 Yen. The US Dollar index which measures the US dollar strength against basket of six major currencies rose 0.7 % to 97.21.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
110.98
111.07
111.16
111.25
111.34
111.43
111.52
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
111.75
111.81
110.88
110.98
0.6840

 

GOLD WEEKLY OVERVIEW

Gold hits its highest high in five weeks as US Dollar fell against the Euro, uncertainties due to US Political issues, and no hike in US interest rates declared by US Federal Reserve.. On Monday spot Gold was 0.3 % to $ 1258.72 an ounce. Whereas US Gold futures were 0.4 % higher at $ 1258.80. On Tuesday Gold steadied as Dollar hit near 6-1/2 month low. In fact Gold is taking a breather and spot Gold was $ 1259.81 per ounce while US Gold futures slipped 0.1 % to $ 1259.70 an ounce. Gold prices rose slightly on Wednesday as the Dollar slipped and Federal Reserve suggested not raising interest rates soon. However Gold has risen about 3 % since hitting a near two month low of Dollar at $1213.81 on May 9.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1246.8
1250.2
1252.7
1256.1
1258.6
1262.0
1264.5
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1253
1259.40
1253.50
1255.30
0.1845
OIL WEEKLY OVERVIEW

On Monday oil prices rose due to continued cut agreement in oil production from all OPEC and Non OPEC Countries including Russia whereas US Oil Production surged by 10 % to 9.3 Million bpd. Brent Crude settled up 28 cents at $ 54.15 per Barrel. On Tuesday whereas on Wednesday Brent Crude Oil was down 39 cents a Barrel to $ 53.76. US light Crude was down 30 cents at $ 51.17. However Crudes inventories fell 4.4 Million Barrel whereas Gasoline inventories 787000 barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
43.89
46.17
47.44
49.72
50.99
53.27
54.54
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
48
52
48.45
48.71
1.4741
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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