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GBP/USD WEEKLY OVERVIEW

Pound traded close to 11 Months high against weak Dollar on Wednesday as it was expected that Bank of England might take some decision regarding hike in interest rates. It is also point of satisfaction that purchasing manager’s index survey has reflected a strong growth in Britain’s construction industry and manufacturing sector. Bank of England Governor Mark Carney declared no change in interest rates and stressed the need to keep the interest rates at a record low. Eventually Pound dipped down as much as 0.8% against the Dollar to $ 1.3113.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.28
1.30
1.31
1.32
1.32
1.33
1.35
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.31281
1.32664
1.30960
1.31396
-0.08
EUR/USD WEEKLY OVERVIEW

According to a recent financial survey the Euro performed the year’s best major currency against the Dollar. At the end of last week Euro reached its highest point at $ 1.1777 since Jan 2015. It has been observed that Euro gained about 11% against the Dollar in 2017. One can analyze this growth rate is backed by very strong economic output as well as lowest unemployment rate of 9.1% in Euro Zone which is termed as its lowest level in eight years. This positivity of Euro is attributed to political calm and peace after elections process in Holland, France and England. European Central Bank Chief Mario Draghi has given clear indications regarding Bank’s massive economic stimulus policy and low interest rates. It has also been confirmed by IMF authorities.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.15
1.16
1.18
1.18
1.19
1.20
1.22
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.17451
1.19093
1.17223
1.18668
-1.03
USD/JPY WEEKLY OVERVIEW

The US Dollar touched a 15 months low against major currencies. However the Dollar gained slightly against the Yen and was last traded at 110.45 Yen. The Dollar index fell in July and was last up 0.2 % at 93.060. The US Dollar fell below 110 Yen for the first time in more than 6 weeks after touching 109.94 Yen on Thursday; the Dollar fell against the Yen 109.91 after a weak data about US Services and jobs coupled with uncertainty due to US Government weak decisions about economic changes in US Economy.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
108.02
109.15
109.61
110.29
110.74
111.43
112.56
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
110.657
110.975
109.839
110.058
0.54

 

GOLD WEEKLY OVERVIEW

Gold prices surged near seven week high after US non-farm payrolls reports indicated job opportunities and little inflation. Gold is highly sensitive in case of rising interest rates of Dollar because rise in interest rates lift bonds yields which creates opportunity cost of holding non- yielding bullion eventually tend to raise the value of Dollar in which gold is priced. However, Gold steadied on Thursday Spot Gold rate was 0.1% higher at $ 1267.30 per ounce whereas US Gold futures for December delivery fell 0.4% to $ 1273.30 per ounce.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1212.79
1234.27
1246.35
1255.75
1267.83
1277.23
1298.71
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1255.32
1265.14
1243.66
1258.44
-0.24
OIL WEEKLY OVERVIEW

Oil prices dipped as OPEC Countries output reached 33 million bpd. contrary to less demand paving way to an era of low prices. However, Brent Crude settled down at $ 52.01 a barrel whereas US Crude settled at $ 49.96 a barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
40.22
44.05
46.56
47.88
50.39
51.71
55.54
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
45.48
49.21
45.38
49.06
-7.87
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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