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GBP/USD WEEKLY OVERVIEW

Pound rose on Monday after dropping nearly half a cent against the Dollar after a militant attack in London. Pound decline from $ 1.2893 to $ 1.2851. on Tuesday Pound hits its highest level against the Dollar within two weeks at $ 1.2951 on Wednesday Pound inched up and touched $ 1.2970 on expected victory of Prime Minister Theresa May. However Pound rose 4% after Theresa May announced election seven weeks ago. On Thursday Pound surged a two weeks high of $ 1.2978in early session. Pound will get more momentum if Conservative Party of Theresa May get majority of 50 seats in Britain‘s election. On Friday Pound inched lower i.e shed 2% as PM Theresa May could not get clear majority verdict in Britain Election.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY

1.2637

1.2702

1.2794

1.2859

1.2951

1.3016

1.3108

GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.2863
1.2978
1.2636
1.2982
0.9241
EUR/USD WEEKLY OVERVIEW

The Dollar surged from seven months low on Monday against Euro. The Euro falls 0.3 % to $1.252 after hitting $1.1285, its highest since Nov 9 as clouds of uncertainty on all over Europe continuously roaming due to Election in Britain and forthcoming policy meeting of European Central Bank in which drastic changes are expected. The Euro has risen against the Dollar in last five months on the plea that rising inflation can compel ECB to raise interest rates. However on Thursday Euro dropped to $ 1.1216.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.0986
1.1047
1.1165
1.1226
1.1344
1.1405
1.1523
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.1273
1.1284
1.1170
1.1289
0.1419
USD/JPY WEEKLY OVERVIEW

The dollar inched up from seven month’s low on Monday against Yen. Against the Yen, the Dollar was at 110.41. The dollar index was up 0.26% to 110.07 Yen after hitting to a two day high of 110.38 Yen whereas on Wednesday against the Yen the Dollar slipped down 0.06% to 109.33 Yen. On Thursday Dollar drip to 0.3% to 109.52 Yen.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
108.48
109.39
109.90
110.81
111.32
112.23
112.74
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
110.38
110.73
109.12
109.40
1.8878

 

GOLD WEEKLY OVERVIEW

On Monday Gold prices surged a six week high when an unexpected US job data diminished the prospects of hike in interest rates on USA. As US Job data reflects sluggish growth on employment sector in May resulting slow momentum on labour market. Spot gold rate was $ 1280.31per ounce. On the other hand US Gold futures 0.2% up at $ 1283.10 ounce. After declined of Euro the weaker Euro versus the Dollar shuttered the buying power of Euro Zone investors for gold, which priced in Dollar. The uncertainties of Britain Election and FBI Director Comey’s testimony remained helpful for providing support to gold. On Thursday spot gold was at $ 1285.91 per ounce. US gold futures for August delivery dipped to $ 1288.20 an ounce.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1246.0
1253.7
1266.9
1274.6
1287.8
1295.5
1308.7
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1255.30
1282.2
1261.3
1280.2
1.9435
OIL WEEKLY OVERVIEW

Acute diplomatic crises in Middle East and sustained high crude inventories on US resulted upwards trend in oil prices globally. Brent crude oil rose 41 cents a barrel $49.88. On Wednesday oil prices dipped more than 3.5 % when US government announced increase in the inventories of crude and gasoline to combat the situation created due to cut in oil production by OPEC & Non – OPEC countries. Crude stock grew up to 513 million barrels on Friday Brent crude was up 6 cents to $ 48.12 a barrel while US crude futures were up 13 cents at $ 45.86 a barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
42.63
44,69
46.17
48.23
49.71
51.77
53.25
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
48.71
50.28
46.74
47.66
2.1546
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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