KLSE IForex Recommendations : Epic Research Malaysia

Trading Tips:
The pound edged lower against the U.S. dollar on Thursday, after the release of a weak U.K. retail sales report added to concerns over the outlook for British economic growth, although upbeat public sector borrowing data lent some support. GBP/USD hit 1.3161 during European morning trade, the session low; the pair subsequently consolidated at 1.3183, shedding 0.16%. Cable was likely to find support at 1.3061, Wednesday’s low and resistance at 1.3480, the high of July 15. The U.K. Office for National Statistics said that retail sales dropped 0.9% in June, compared to the prior 0.9% gain. Analysts had expected retail sales to fall 0.6% last month. Year-on- year, retail sales increased 4.3%, compared to May’s 5.7% gain which was revised from the initial reading of a 6.0% gain. Consensus had forecast a 5.0% rise.

RECOMMENDATION :
BUY GBP/USD ABOVE 1.3275 TGT 1.3295 1.3325 SL 1.3255
SELL GBP/USD BELOW 1.3200 TGT 1.3180 1.3150 SL 1.3230

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