Here is the key factor to keep in mind today for Euro trades:
- German IFO: The German IFO Business Climate Index for May is predicted at 102.0. Forex traders can compare this to the German IFO Business Climate Index for April which was reported at 102.1. The German IFO Current Assessment Index for May is predicted at 105.5. Forex traders can compare this to the German IFO Current Assessment Index for April which was reported at 105.7. The German IFO Expectations Index for May is predicted at 98.5. Forex traders can compare this to the German IFO Expectations Index for April which was reported at 98.7.
Here are the key factors to keep in mind today for British Pound trades:
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for April are predicted at 37,800. Forex traders can compare this to UK BBA Loans for House Purchase for March which were reported at 37,567.
- UK Index of Services: UK Index of Services for March are predicted to increase by 0.1% monthly and by 0.3% for the three-month-over-three-month period ending in March. Forex traders can compare this to the UK Index of Services for February which decreased by 0.2% monthly and which increased by 0.4% for the three-month-over-three-month period ending in February.
- UK GDP: The UK Preliminary GDP for the first-quarter is predicted to increase by 0.1% quarterly and by 1.2% annualized. Forex traders can compare this to the fourth-quarter GDP which increased by 0.1% quarterly and by 1.2% annualized. Private Consumption for the first-quarter is predicted to increase by 0.1% quarterly, Government Spending is predicted to increase by 0.3% quarterly and Gross Fixed Capital Formation is predicted to decrease by 0.2% quarterly. Forex traders can compare this to fourth-quarter Private Consumption which increased by 0.3% quarterly, to Government Spending which increased by 0.4% quarterly and to Gross Fixed Capital Formation which increased by 1.1% quarterly. UK Exports for the first-quarter are predicted to increase by 0.5% quarterly and UK Imports are predicted to increase by 0.1% quarterly. Forex traders can compare this to fourth-quarter UK Exports which decreased by 0.9% quarterly and to UK Imports which increased by 0.4% quarterly. UK Total Business Investment for the first-quarter is predicted to increase by 0.2% quarterly and by 2.4% annualized. Forex traders can compare this to UK Total Business Investment for the fourth-quarter which increased by 0.3% quarterly and by 2.6% annualized.
Should price action for the EURGBP remain inside the or breakdown below the 0.8740 to 0.8775 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8760
- Take Profit Zone: 0.8300 – 0.8385
- Stop Loss Level: 0.8845
Should price action for the EURGBP breakout above 0.8775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8800
- Take Profit Zone: 0.8920 – 0.8970
- Stop Loss Level: 0.8740
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