EQUITY RESEARCH LAB :-
GBP recovered despite top lawmakers continued to debate the merits of a historic referendum that could enable the UK to leave the European Union in June. Since UK Prime Minister David Cameron reached an agreement with European Commission leaders on Friday that granted Britain special status in the European bloc, the pound has plummeted more than 3% against the dollar. The pound encountered further downward pressure on Wednesday after a Bloomberg survey determined that sterling could drop as low as 1.35 versus the greenback within a week of Britain's departure, a level last seen in 1985. On Wednesday, International Monetary Fund head Christine Lagarde warned that the steady growth achieved by the nation could be threatened in the months leading up to the June 23 vote. It came as HSBC cautioned that a potential Brexit could cause the pound to drop another 20%, creating a sharp rise in imports and spiraling inflation, which could force the Bank of England to raise interest rates. A yes vote in the referendum cold also lead to heightened risks of contagion throughout the euro zone if other top nations decide to follow suit and demand special considerations from the EU. Sterling traders will focus on Thursday's UK GDP data. The second estimate of the fourth quarter GDP is supposed to stay at 0.5% quarter-on-quarter, with the yearly print expected to remain at 1.9%. Technically now GBPINR is getting support at 96.1425 and below same could see a test of 95.8025 level, And resistance is now likely to be seen at 96.64, a move above could see prices testing 96.7975.
GBPINR Daily Market Synopsis :
GBPINR trading range for the day is 95.74-96.74.
GBP recovered despite top lawmakers continued to debate the merits of a historic referendum that could enable the UK to leave the European Union in June.
Prime Minister David Cameron's announcement of a June 23 referendum on Britain's membership in the EU has sparked "Brexit" fears.
The charismatic mayor of London and Conservative Party MP has caused a serious blow to Prime Minister Cameron's effort to keep the UK inside EU.
For more information fill form http://equityresearchlab.com/Freetrial.php
GBP recovered despite top lawmakers continued to debate the merits of a historic referendum that could enable the UK to leave the European Union in June. Since UK Prime Minister David Cameron reached an agreement with European Commission leaders on Friday that granted Britain special status in the European bloc, the pound has plummeted more than 3% against the dollar. The pound encountered further downward pressure on Wednesday after a Bloomberg survey determined that sterling could drop as low as 1.35 versus the greenback within a week of Britain's departure, a level last seen in 1985. On Wednesday, International Monetary Fund head Christine Lagarde warned that the steady growth achieved by the nation could be threatened in the months leading up to the June 23 vote. It came as HSBC cautioned that a potential Brexit could cause the pound to drop another 20%, creating a sharp rise in imports and spiraling inflation, which could force the Bank of England to raise interest rates. A yes vote in the referendum cold also lead to heightened risks of contagion throughout the euro zone if other top nations decide to follow suit and demand special considerations from the EU. Sterling traders will focus on Thursday's UK GDP data. The second estimate of the fourth quarter GDP is supposed to stay at 0.5% quarter-on-quarter, with the yearly print expected to remain at 1.9%. Technically now GBPINR is getting support at 96.1425 and below same could see a test of 95.8025 level, And resistance is now likely to be seen at 96.64, a move above could see prices testing 96.7975.
GBPINR Daily Market Synopsis :
GBPINR trading range for the day is 95.74-96.74.
GBP recovered despite top lawmakers continued to debate the merits of a historic referendum that could enable the UK to leave the European Union in June.
Prime Minister David Cameron's announcement of a June 23 referendum on Britain's membership in the EU has sparked "Brexit" fears.
The charismatic mayor of London and Conservative Party MP has caused a serious blow to Prime Minister Cameron's effort to keep the UK inside EU.
For more information fill form http://equityresearchlab.com/Freetrial.php
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