Here are the key factors to keep in mind today for Euro trades:

• German GDP: The Preliminary German GDP for the second-quarter increased by 0.5% quarterly and by 2.3% annualized. Economists predicted an increase of 0.4% quarterly and of 2.5% annualized. Forex traders can compare this to the German GDP report for the first-quarter which increased by 0.3% quarterly and by 1.6% annualized.
• German CPI: The Final German CPI for July increased by 0.3% monthly and by 2.0% annualized. Economists predicted an increase of 0.3% monthly and of 2.0% annualized. Forex traders can compare this to the previous German CPI for July which increased by 0.3% monthly and by 2.0% annualized.
• Eurozone Industrial Production: Eurozone Industrial Production for June is predicted to decrease by 0.4% monthly and to increase by 2.4% annualized. Forex traders can compare this to Eurozone Industrial Production for May which increased by 1.3% monthly and by 2.4% annualized.
• Eurozone GDP: The Preliminary Eurozone GDP for the second-quarter is predicted to increase by 0.3% quarterly and by 2.1% annualized. Forex traders can compare this to the Eurozone GDP for the first-quarter which increased by 0.3% quarterly and by 2.1% annualized.
• German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation for August is predicted at 72.1 and the German ZEW Survey Economic Sentiment at -21.3. Forex traders can compare this to the German ZEW Survey Current Situation for July which was reported at 72.4 and to German ZEW Survey Economic Sentiment which was reported at -24.7. The Eurozone ZEW Survey Economic Sentiment for August is predicted at -16.4. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment for July which was reported at -18.7.

Here are the key factors to keep in mind today for British Pound trades:

• UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for July is predicted at 3.8K and the Claimant Count Rate is predicted at 2.5%. Forex traders can compare this to the UK Jobless Claims Change for June which were reported at 7.8K and to the Claimant Count Rate which was reported at 2.5%.
• UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in June is predicted at 93K and the ILO Unemployment Rate is predicted at 4.2%. Forex traders can compare this to the UK Employment Change for May which was reported at 137K and to the ILO Unemployment Rate which was reported at 4.2%. Average Weekly Earnings for the tri-monthly period ending in June are predicted to increase by 2.5% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.7% annualized. Forex traders can compare this to Average Weekly Earnings for May which increased by 2.5% and Average Weekly Earnings Excluding Bonuses which increased by 2.7%.

Should price action for the EURGBP remain inside the or breakdown below the 0.8910 to 0.8945 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.8925
• Take Profit Zone: 0.8680 – 0.8700
• Stop Loss Level: 0.9030

Should price action for the EURGBP breakout above 0.8945 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.8960
• Take Profit Zone: 0.9085 – 0.9115
• Stop Loss Level: 0.8910

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