Forex

GBP/USD WEEKLY OVERVIEW

At last the formal process of Brexit has been triggered through which Britain will exit the European Union. Since last June 2016 Britain’s vote to exit European Union, Pound witnessed fall of 20% against dollar whereas on Monday after the outcome of UK poor manufacturing data, Pound skidded more and fell back below $ 1.25. Britain’s exit from European Union will definitely multiply the current account deficit which is equivalent to 7% of its GDP. In Europe it is expected that inflation may rose to 3%. The Pound bounced on Wednesday on the outcome of positive services activity data from Britain. However Pound was slightly lower at$ 1.2477 in last trades.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.2098	1.2271	1.2335	1.2445	1.2508	1.2618	1.2792

GBP/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.25444	1.25548	1.23814	1.23982	1.1644

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EUR/USD WEEKLY OVERVIEW

On Monday Euro hit a three week low against dollar $1.0600 in the gloomy atmosphere of uncertainty in Europe due to Britain’s exit from European Union and forthcoming election in France in which it is expected that anti-European Union leader Marine Le Pen could stage a surprise victory for which investors have shown great concern over the issue due to this dollar rose on Monday. On Thursday dollar index was at 100.54 whereas euro was slightly lower at $ 1.0667.

Man Fred Weber The Germen head of European Peoples Party rigorously reacted that Euro Business should be managed on EU soil instead of London after Britain’s exit from European Union he suggested Paris, Frankfurt or Amsterdam as alternative center for Euro business. In such condition it is feared that London May Lose its status as the financial hub of Europe.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.0485	1.0564	1.0597	1.0643	1.0675	1.0721	1.0800

EUR/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.06601	1.06884	1.06096	1.06295	0.2810

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USD/JPY WEEKLY OVERVIEW

The Dollar edge up against the yen in European trading on Wednesday but shortly fell after North Korea Blastic Missile Test Before talks between United State President Donald Trump and Chinese President Xi Jin Ping on economic and Security Issues. The Dollar lost its grip on earlier gains against Yen on Wednesday. The Dollar edge down 0.1% to 110.64 Yen from 110.92 Yen. After getting reports that US economy will have edit 263000 Jobs in March this year, the Dollar Index was up $ 0.1 % at $ 100.64. The Dollar also Rose 0.1 % against the Yen at 110.83 on Thursday.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	107.8923	109.3493	110.0317	110.8063	111.4887	112.2633	113.7203

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	111.367	111.581	110.124	110.714	0.5843

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GOLD WEEKLY OVERVIEW

Gold prices rose on Monday despite facing stronger dollar. Spot Gold was 0.23 % higher at $ 1245.71 per ounce. Supportive Gold prices reflect the go political tension before meeting of US president and Chinese President this week, whereas US gold futures slipped 0.2 % to $ 1248.8. it is hoped that stronger dollar makes Gold more expensive for holder of other currencies. On the other end higher bond yields reduce demand for gold. On Tuesday Gold touched Dollar 1261.16 its highest since February 27. On Thursday gold Slip Lower, Spot Gold Fell 0.2 % to $ 1252.34 per Ounce, whereas US Gold futures were up 0.5 % at $ 1254.40. In fact Gold has risen 8.8 % so far this year

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1206.1600	1233.1600	1249.7600	1260.1600	1276.7600	1287.1600	1314.1600

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1249.66	1270.56	1243.56	1266.36	1.3463

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OIL WEEKLY OVERVIEW

Oil prices fell on Monday. On the other hand on Tuesday rose to a near one month high due to unexpected production outage in UK North Sea Field comprising 1 Lakh 80 thousand barrel per day. Brent futures ended up 0.4 % and Dollar 54.36 and barrel whereas US Crude settled at 0.2% higher at Dollar 51.15. Reports are coming that OPEC at Non OPEC Producer together agreed to cut oil supply by about 1.8 Million Barrel per day for 6 Months. To combat this situation US Oil production Rose by 52 Thousand Barrel per day to 9.2 Million barrel per day. Now Brent crude futures gain 1.1 % to $ 54.97 a barrel whereas US Crude export has risen to a record of 1.1 Million barrel per day.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	47.9200	51.2700	53.1800	54.6200	56.5300	57.9700	61.3200

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	53.43	56.06	52.71	55.09	3.1068

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[box type=”note” align=”” class=”” width=””]DISCLAIMER: This report has been prepared by ISMAR financial. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. This document is only for Reading information.[/box]