Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary French HCOB Manufacturing PMI for August is predicted at 44.4, the Preliminary French HCOB Services PMI at 50.2, and the Preliminary French HCOB Composite PMI at 49.1. Forex traders can compare this to the French HCOB Manufacturing PMI for July, reported at 44.0, the French HCOB Services PMI at 50.1, and the French HCOB Composite PMI at 49.1.
The Preliminary German HCOB Manufacturing PMI for August is predicted at 43.4, the Preliminary German HCOB Services PMI at 52.3, and the Preliminary German HCOB Composite PMI at 49.2. Forex traders can compare this to the German HCOB Manufacturing PMI for July, reported at 43.2, the German HCOB Services PMI at 52.5, and the German HCOB Composite PMI at 49.1.
The Preliminary Eurozone HCOB Manufacturing PMI for August is predicted at 45.7, the Preliminary Eurozone HCOB Services PMI at 51.7, and the Preliminary Eurozone HCOB Composite PMI at 50.1. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for July, reported at 45.8, the Eurozone HCOB Services PMI at 51.9, and the Eurozone HCOB Composite PMI at 50.2.
The UK S&P Global/CIPS Manufacturing PMI for August is predicted at 52.1, the UK S&P Global/CIPS Services PMI at 52.8, and the UK S&P Global/CIPS Composite PMI at 52.9. Forex traders can compare this to the UK S&P Global/CIPS Manufacturing PMI for July, reported at 52.1, the UK S&P Global/CIPS Services PMI at 52.5, and the UK S&P Global/CIPS Composite PMI at 52.8.
UK CBI Industrial Industrial Trends Orders for August are predicted at -26. Forex traders can compare this to CBI Industrial Trends Orders for July, reported at -32.
The forecast for the EUR/GBP turned bullish after this currency pair corrected into its horizontal support area. Price action trades above its ascending Kijun-sen and below its downward-shifting Tenkan-sen. The Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bullish crossover above the Senkou Span B, but the cloud is narrow, suggesting more short-term volatility ahead. Traders should also monitor the CCI in extreme oversold territory. This technical indicator could set a higher low before attempting a breakout, which could trigger the next leg higher. Can bulls regain control over the EUR/GBP and push price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/GBP remain inside the or breakout above the 0.8500 to 0.8530 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8515
- Take Profit Zone: 0.8600 – 0.8625
- Stop Loss Level: 0.8470
Should price action for the EUR/GBP break down below 0.8500, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8470
- Take Profit Zone: 0.8400 – 0.8425
- Stop Loss Level: 0.8500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
