Source: PaxForex Premium Analytics Portal, Fundamental Insight
The French Business Survey for June is predicted at 100. Forex traders can compare this to the French Business Survey for May, reported at 99.
The Preliminary French HCOB Manufacturing PMI for June is predicted at 46.8, the Preliminary French HCOB Services PMI at 50.0, and the Preliminary French HCOB Composite PMI at 49.5. Forex traders can compare this to the French HCOB Manufacturing PMI for May, reported at 46.4, the French HCOB Services PMI at 49.3, and the French HCOB Composite PMI at 48.9.
The Preliminary German HCOB Manufacturing PMI for June is predicted at 46.4, the Preliminary German HCOB Services PMI at 54.4, and the Preliminary German HCOB Composite PMI at 52.7. Forex traders can compare this to the German HCOB Manufacturing PMI for May, reported at 45.5, the German HCOB Services PMI at 54.2, and the German HCOB Composite PMI at 52.4.
The Preliminary Eurozone HCOB Manufacturing PMI for June is predicted at 48.0, the Preliminary Eurozone HCOB Services PMI at 53.5, and the Preliminary Eurozone HCOB Composite PMI at 52.5. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for May, reported at 47.3, the Eurozone HCOB Services PMI at 53.2, and the Eurozone HCOB Composite PMI at 52.2.
UK GfK Consumer Confidence for June came in at -14. Economists predicted a figure of -16. Forex traders can compare this to UK GfK Consumer Confidence for May, reported at -17.
UK Retail Sales for May are predicted to rise by 1.6% monthly and drop by 0.9% annualized. Forex traders can compare this to UK Retail Sales for April, which contracted 2.3% monthly and 2.7% annualized. UK Core Retail Sales for May are predicted to rise by 1.3% monthly and contract by 0.8% annualized. Forex traders can compare this to UK Core Retail Sales for April, which dropped by 2.0% monthly and 3.0% annualized.
UK Public Sector Net Borrowing for May is predicted at £14.50B. Forex traders can compare this to UK Public Sector Net Borrowing for April, reported at £19.59B.
The Preliminary UK S&P Global/CIPS Manufacturing PMI for June is predicted at 51.3, the Preliminary UK S&P Global/CIPS Services PMI at 53.0, and the Preliminary UK S&P Global/CIPS Composite PMI at 53.1. Forex traders can compare this to the UK S&P Global/CIPS Manufacturing PMI for May, reported at 51.2, the Preliminary UK S&P Global/CIPS Services PMI at 52.9, and the Preliminary UK S&P Global/CIPS Composite PMI at 53.0.
The forecast for the EUR/GBP remains bullish after this currency pair broke out above its horizontal support area. Short-term volatility could rise with the Tenkan-sen, the Kijun-sen, and the Ichimoku Kinko Hyo Cloud moving lower. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator has enough upside momentum to push above zero, which could trigger the next leg higher. Can bulls maintain control over the EUR/GBP and pressure this currency pair 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 0.8445 to 0.8485 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8465
- Take Profit Zone: 0.8550 – 0.8585
- Stop Loss Level: 0.8415
Should price action for the EUR/GBP break down below 0.8445, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8415
- Take Profit Zone: 0.8300 – 0.8340
- Stop Loss Level: 0.8445
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