Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Services PMI for August is predicted at 54.8. Forex traders can compare this to the Spanish HCOB Services PMI for July, reported at 53.9.
The Italian HCOB Services PMI for August is predicted at 52.5. Forex traders can compare this to the Italian HCOB Services PMI for July, reported at 51.7.
The Final French HCOB Services PMI for August is predicted at 55.0, and the Final French HCOB Composite PMI at 52.7. Forex traders can compare this to the French HCOB Services PMI for July, reported at 50.1, and the French HCOB Composite PMI, reported at 49.1.
The Final German HCOB Services PMI for August is predicted at 51.4, and the Final German HCOB/BME Composite PMI at 48.5. Forex traders can compare this to the German HCOB Services PMI for July, reported at 52.5, and the German HCOB/BME Composite PMI, reported at 49.1.
The Final Eurozone HCOB Services PMI for August is predicted at 53.3, and the Final Eurozone HCOB Composite PMI at 51.2. Forex traders can compare this to the Eurozone HCOB Services PMI for July, reported at 51.9, and the Eurozone HCOB Composite PMI, reported at 50.2.
The Eurozone PPI for July is predicted to increase by 0.3% monthly and decrease by 2.5% annualized. Forex traders can compare this to the Eurozone PPI for June, which rose by 0.5% monthly and dropped by 3.2% annualized.
The Final UK S&P Global/CIPS Services PMI for August is predicted at 53.3, and the Final UK S&P Global/CIPS Composite PMI at 53.4. Forex traders can compare this to the UK S&P Global/CIPS Services PMI for July, reported at 52.5, and the UK S&P Global/CIPS Composite PMI at 52.8.
The forecast for the EUR/GBP turned cautiously bullish after this currency pair stabilized at its horizontal support area. The Tenkan-sen continues to move lower, but the Kijun-sen flatlined, suggesting a lack of downside pressure. The Senkou Span A of the Ichimoku Kinko Hyo Cloud narrows the gap to the flat Senkou Span B, which could limit the upside potential. Traders should also monitor the CCI after recording a higher low in extreme oversold territory, followed by a breakout. 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 0.8400 to 0.8455 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8430
- Take Profit Zone: 0.8500 – 0.8520
- Stop Loss Level: 0.8380
Should price action for the EUR/GBP break down below 0.8400, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8380
- Take Profit Zone: 0.8285 – 0.8330
- Stop Loss Level: 0.8400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
