Here is the key factor to keep in mind today for Euro trades:
- ECB Rate Decision: The ECB is predicted to to announce its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. The Asset Purchase Target is predicted at €80B, also unchanged from the previous meeting.
Here are the key factors to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for June are predicted to decrease by 0.6% monthly and to increase by 4.8% annualized. Forex traders can compare this to UK Retail Sales for May which increased by 1.0% monthly and by 5.7% annualized. UK Retail Sales Including Auto and Fuel for June are predicted to decrease by 0.5% monthly and to increase by 5.1% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for May which increased by 0.9% monthly and by 6.0% annualized.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for June is predicted at £9.3B and UK Public Sector Net Borrowing excluding Banking Groups at £9.5B. Forex traders can compare this to UK Public Sector Net Borrowing for May which was reported at £9.1B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £9.7B.
Should price action for the EURGBP remain inside the or breakdown below the 0.8300to 0.8350 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8325
- Take Profit Zone: 0.7850 – 0.7900
- Stop Loss Level: 0.8500
Should price action for the EURGBP breakout above 0.8350 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8375
- Take Profit Zone: 0.8500– 0.8600
- Stop Loss Level: 0.8300
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
