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1. EPIC RESEARCH REPORT
DAILY INTERNATIONAL FOREX
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24-MAY-2017

2. INTERNATIONAL CURRENCY BUZZ
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Forex - Sterling slips after Manchester blast, euro higher
Forex - Yen gains on safe-haven demand after deadly blast at Manchester
Forex - GBP/USD off-lows, re-takes 1.3000 on UK data
GBP/USD
The GBP/USD pair witnessed aggressive selling on the European open, as the pound was dumped to near 1.2950 levels
amid a renewed risk-off wave, before recovering some ground to now re-take 1.30 handle. The bounce in the major is
mainly driven by renewed optimism seen around the European equities, as dust settles over the Manchester blast
aftermath. Meanwhile, markets appear to ignore downbeat UK public sector net borrowing data, therefore, having limited
impact on the spot. However, it remains to be seen whether cable can sustain the recovery from 1.2954 lows, as investors
remain on the back foot, in the wake of the Manchester terror blast, which killed 22 people and injured nearly 50. Also,
increasing uncertainty over the upcoming UK general elections scheduled on June 8, especially after the UK PM Theresa
May suspended the election campaign after the unevenful terror attack.
EUR/USD
The EUR/USD pair refreshed fresh 2017 tops at 1.1267, following the release of upbeat Euro area PMI reports and German
IFO numbers, and now consolidates the renewed uptick ahead of Fedspeak and US datasets. The major eased slightly from
multi-month tops, as the shorter duration treasury yields picked-up pace amid increased expectations that the FOMC
minutes due to be published tomorrow will keep a June rate hike very much in play, despite the Trump controversy and
Budget plan release. Bert Colijn, Senior Economist at ING explains: “The Eurozone economy has maintained its excellent
momentum in May as the composite PMI held out at 56.8, the same reading as in April. This indicates that growth in the
second quarter continues to be strong and could even surprise on the upside on these strong figures.”

3. DAILY ECONOMIC DATA
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INTRADAY OUTLOOK
Support: 1.2921
Resistance: 1.3083
RECOMMENDATION:
BUY GBP/USD ABOVE 1.3030 TGT 1.3050 1.3080 SL 1.3000
SELL GBP/USD BELOW 1.2920 TGT 1.2890 1.2860 SL 1.2950
EUR/USD Hourly Chart
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart

5. EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1116
Resistance: 1.1326
RECOMMENDATION:
BUY EUR/USD ABOVE 1.1270 TGT 1.1290 1.1320 SL 1.1240
SELL EUR/USD BELOW 1.1200 TGT 1.1180 1.1150 SL 1.1230
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6. DISCLAIMER
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Lovelesh
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Date: 2017-05-23 20:46+05:30