GBP/USD was down 0.27% at 1.5650, up from a session low of 1.5628 and off a high of 1.5714.Cable was likely to find support at 1.5588, Wednesday’s low, and resistance at 1.5737, Thursday’s high.The dollar rose on safe-haven demand after ECB President Mario Draghi reiterated on Friday that the central bank is prepared to act rapidly if low inflation persists.Draghi also expressed concerns over the euro zone’s weak growth, pointing out he saw no improvements in the coming months.The ECB head was speaking at the 24th European Banking Congress “Reshaping Europe,” in Frankfurt, and his comments sparked expectations for fresh stimulus.supporting the dollar was news that China cut its benchmark one-year deposit rate by 25 basis points to 2.75% and trimmed its one-year lending rate by 40 basis points to 5.6%
INTRADAY OUTLOOK
Support: 1.5624
Resistance: 1.5679
RECOMMENDATION:
1. Buy GBP/USD Above 1.5681-TG:1.5701/1.5731 SL 1.5651
2. Sell GBP/USD Below 1.5622-TG:1.5602/1.5572 SL 1.5652
INTRADAY OUTLOOK
Immediate Support: 117.66
Immediate Resistance: 117.94
RECOMMENDATION:
1. Buy USD/JPY Above 117.96-TG:118.16/118.46 SL 117.66
2. Sell USD/JPY Below 117.64-TG:117.44/117.14 SL 117.94
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