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

• Italian GDP: The Preliminary Italian GDP for the second-quarter increased by 0.4% quarterly and by 1.5% annualized. Economists predicted an increase of 0.4% quarterly and of 1.4% annualized. Forex traders can compare this to the Italian GDP for the first-quarter which increased by 0.4% quarterly and by 1.4% annualized.
• Eurozone GDP: The Preliminary Eurozone GDP for the second-quarter increased by 0.6% quarterly and by 2.2% annualized. Economists predicted an increase of 0.6% quarterly and of 2.1% annualized. Forex traders can compare this to the Eurozone GDP for the first-quarter which increased by 0.6% quarterly and by 2.1% annualized.

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

• UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for July were reported at -4.2K and the Claimant Count Rate was reported at 2.3%. Forex traders can compare this to UK Jobless Claims Change for June which were reported at 3.5K and to the Claimant Count Rate which was reported at 2.3%.
• UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in June was reported at 125K and the ILO Unemployment Rate was reported at 4.4%. Economists predicted a reading of 97K and 4.5%. Forex traders can compare this to the UK Employment Change for May which was reported at 175K and to the ILO Unemployment Rate which was reported at 4.5%. Average Weekly Earnings for the tri-monthly period ending in June increased by 2.1% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.1% annualized. Economists predicted an increase of 1.8% and of 2.0%. Forex traders can compare this to Average Weekly Earnings for May which increased by 1.9% and Average Weekly Earnings Excluding Bonuses which increased by 2.0%.

Should price action for the EURGBP remain inside the or breakdown below the 0.9070 to 0.9110 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.9090
• Take Profit Zone: 0.8885 – 0.8900
• Stop Loss Level: 0.9140

Should price action for the EURGBP breakout above 0.9110 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.9140
• Take Profit Zone: 0.9240 – 0.9280
• Stop Loss Level: 0.9070

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