Trading Tips:The Euro extended downward against the US Dollar as expected after prices produced a bearish Evening Star candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 1.0888 exposes the 1.0814-18 area (50% level, May 27 low). Alternatively, a move above the 23.6% Fib at 1.0980 opens the door for a challenge of the 14.6% expansion at 1.1036. Prices are too close to support to justify entering short in line with our long-term outlook from a risk/ reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself a preliminary report, the University of Michigan said its consumer sentiment index ticked down to 93.1 in July from 93.3 the previous month, confounding expectations for a rise to 94.0.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5640 TARGET 1.5660 1.5690 SL 1.5610
SELL GBP/USD BELOW 1.5600 TARGET 1.5580 1.5550 SL 1.5630
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