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Sterling at Two-Year Lows, FOMC Powell's Testifies Began & Selling in Indices

By Research Team Wednesday, Jul 10, 2019
FOREX

GBP/USD Outlook

    • 3.02 pm ISTD1
    • High1.24938
    • Low1.24426
    • Close1.24826

GBP/USD is trading at 1.24895, 0.51% down since Tuesday. The Sterling Pound turned weaker & is trading at two –year lows due to strong USD ahead of the U.S Fed Powell testifying speech in front of Congress which is to be ending tomorrow. Earlier, the U.S & China trade tensions ease down at G20 summit as U.S postponed new tariffs imposition on Chinese goods which weighs down the currencies. In U.K, the GDP rate changed by 0.3% same as expectation & the Manufacturing Production grew by 1.4% against the previous figure -4.2%.   As seen in the chart, the pair is successfully trading below the Moving Averages & hence, selling on rallies can be further seen for the day.

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Special Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.26311
R2 1.25517
R1 1.25065
Turnaround 1.24723
S1 1.24271
S2 1.23929
S3 1.23135
By Research Team Wednesday, Jul 10, 2019
COMMODITY

SILVER Outlook

    • 3.35pm ISTD1
    • High15.121
    • Low15.02300
    • Close15.107

Silver is trading at $15.110, 0.12% down since Tuesday. The losses in Silver continued to be seen on Wednesday as market waits for Fed Powell’s testifying speech in front of Congress with a focus on monetary easing in upcoming FOMC meetings.  Earlier, the trade truce hits market last week which showed a postponement in U.S tariffs imposition on Chinese goods; cushioned the US Dollar Index & widely slid down the Silver prices. The better than expected result of U.S NFP data further pushed down the precious metals. The U.S is to issue its FOMC Minutes today. As seen in the chart, the Silver crossed down the MA (10) & MA (20) & hence, slight selling may be seen further for the day.

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Special Outlook

Silver

Intra Day
Near Day

Technical Levels

R3 15.41100
R2 15.22300
R1 15.14300
Turnaround 15.03500
S1 14.95500
S2 14.84700
S3 14.65900
By Research Team Wednesday, Jul 10, 2019
INDICES

JAP225 Outlook

    • 3.16pm ISTD1
    • High21559
    • Low21457
    • Close21457

JAP225 is trading at 21478, 0.02% down since previous day close. The steady momentum can be seen in Asian shares as market remains cautious ahead of FOMC Powell testifying speech which is beginning from today. Earlier, the positive momentum can be seen in JAP225 post G20 summit wherein the U.S-China trade truce struck in. In Japan, the Average Cash Earnings fell by 0.2% against the expectation of -0.6% & the PPI rate reduced by 0.1% weaker than the previous figure of 0.6%. The result of Revised Industrial Production data will remain in focus on Friday. As seen in the chart, the JAP225 is trading above MA (10) & hence, slight buying may be seen further in JAP225.

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Special Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 21935.00000
R2 21723.00000
R1 21595.00000
Turnaround 21511.00000
S1 21383.00000
S2 21299.00000
S3 21087.00000