Daily i forex report 12 jul 2018 by epic research

1. 12-July-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - GBP/USD -British pound trading sideways, political drama continues
Forex - Dollar Edges Higher, But Fresh Trade Concerns Weigh
Forex - EUR/USD moves to session tops near 1.1760
GBP/USD
The latest UK political developments, wherein the PM Theresa May could face a formal leadership challenge, kept
the GBP bulls on the back-foot. This coupled with resurgent US Dollar demand prompted some fresh selling around
the major. News of additional US tariffs of 10% on around $200 billion worth of Chinese imports pushed fears of a
trade war back into focus and triggered a fresh wave of risk-aversion trade, which was eventually seen boosting the
greenback's safe-haven appeal against the British Pound. The pair has now retreated back towards overnight swing
lows touched in the aftermath of disappointing UK manufacturing/industrial production data and hence, a follow-
through weakness, led by some fresh technical selling, now looks a distinct possibility. Investors now look forward
to the BoE Governor Mark Carney's scheduled speech, at the National Bureau of Economic Research conference, for
some fresh impetus.
EUR/USD
The single currency has now recovered the smile, prompting EUR/USD to revert the previous negative mood and
instead shift its focus to the 1.1760 region, or daily peaks. Spot reverted the drop to the 1.1700 neighbourhood
afternews cited ECB officials could not find common ground regarding the timing of the first rate hike by the central
bank. Some officials are biased towards a Summer 2019 hike, while others seem to lean towards an earlier rate
raise, say Autumn. One way or another, this news seems to have woken up EUR-bulls and pushed spot to the
1.1750/60 band, turning it positive for the day and at the same time recording fresh daily highs. In the data space,
US Producer Prices came in on the strong side in June, advancing at a monthly 0.3%, while the core reading also
showed prices up 0.3% inter-month. At the moment, the pair is gaining 0.08% at 1.1753 facing the next hurdle at
1.1791 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop).

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.3184
Resistance: 1.3338
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3250 TGT 1.3270 1.3300 SL 1.3220
SELL GBPUSD BELOW 1.3210 TGT 1.3190 1.3160 SL 1.3340

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1657
Resistance: 1.1797
RECOMMENDATION:
BUY EURUSD ABOVE 1.1770 TGT 1.1790 1.1820 SL 1.1740
SELL EURUSD BELOW 1.1700 TGT 1.1680 1.1650 SL 1.1730

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