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GBP/USD WEEKLY OVERVIEW

On Tuesday pound surged above $1.30 for the first time in more than three weeks in the backdrop of a bill submitted by British Prime Minister Theresa May on the upcoming repercussion of Brexit. It is presumed that passage of said bill will be helpful to release pressure on pound due to continuous political uncertainty. It has been observed that pound has dipped up to 13% against the dollar since EU referendum in United Kingdom. However, pound rose to 0.8% to hit $1.3034 Tuesday later on Thursday reached $1.3116 its strongest in five weeks.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.26
1.28
1.30
1.31
1.32
1.33
1.35
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.29583
1.31487
1.29079
1.31411
-0.01
EUR/USD WEEKLY OVERVIEW

Despite geopolitical tension in the backdrop of North Korea nuclear tests during last week the overall outlook for eurozone economy inched up euro. It is worth mentioning that euro has gained more than 13% against the dollar this year now gained as much 0.4% to $1.1939. After the meeting of European Central Bank this week the euro rallied as much as 1.2% on Thursday to $1.2059 its highest since August 29, 2017.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.16
1.18
1.19
1.20
1.21
1.22
1.24
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.18835
1.20916
1.18675
1.20460
-0.01
USD/JPY WEEKLY OVERVIEW

On Tuesday, US dollar dipped to a one week low against the yen and witnessed its biggest decline in eight days in the scenario of geopolitical tension due to nuclear test by North Korea and low US inflation data. The dollar dipped to 108.87 yen its lowest since August 29, 2017. Later on Thursday dollar surged half a percent point against yen to 109.39 rising off an eight days high. Another reason for fall of dollar against the yen is that as the traders showed their concern over US fiscal policy regarding extension to the US debt limits.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
103.68
106.03
106.83
108.38
109.18
110.73
113.08
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
109.511
109.924
107.574
107.630
0.01

 

GOLD WEEKLY OVERVIEW

Due to continued concern over geopolitical tension created by North Korea nuclear test, gold prices edged up on Tuesday. Spot gold was up 0.1% at $1335.36 per ounce after touching its highest since late September. US gold futures were up 0.6% at $1337.80. It is estimated that recovery in global economy is negative for gold because it raises expectations for hike in interest rate, which lift the opportunity cost of holding non-yielding assets and boost the dollar in which gold is priced. However price of gold surged to a one year peek on Thursday in the scenario of weak data regarding jobs in US and unchanged policy of European Central Bank regarding growth and inflation on Thursday. Spot gold surged to a peak of $1345.25 an ounce whereas US gold futures for December delivering rose 0.6% to 1346.80. Higher interest rates tend to boost the dollar and push up bond yield putting pressure on gold prices.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1282.89
1314.12
1333.29
1345.35
1364.52
1376.58
1407.81
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1334.03
1357.41
1326.18
1352.46
-0.001
OIL WEEKLY OVERVIEW

Oil prices inched up on Tuesday Brent crude jumped 2% higher at $53.38 per barrel. On the other hand OPEC countries showed their intention to extend its output limits beyond their target of March 2018 causing boom in oil prices. Oil business hampered due to impact of devastating effects of Hurricane Harvey who hit key installation and infrastructure in the heart of US Oil and Gas Industry causing 3.8 million barrels of daily refinery capacity or 20 percent of US total refinery capacity shut down. It is feared that after Harvey hits US crude exports dropped 749000 barrel per day to 153000 barrel per day. However Brent futures with 29 cents settled at $ 54.49 a barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
43.95
46.20
47.52
48.45
49.77
50.70
52.95
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
47.36
49.39
47.14
48.83
-0.03
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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