Here is the key factor to keep in mind today for British Pound trades:
- British Halifax House Price Index: The British Halifax House Price Index for May increased by 0.4% monthly and by 3.3% tri-monthly annualized. Economists predicted a decrease of 0.2% monthly and an increase of 3.0% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for April which decrease by 0.1% monthly and which increased by 3.8% tri-monthly annualized.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian GDP: The Australian GDP for the first-quarter increased by 0.3% quarterly and by 1.7% annualized. Economists predicted an increase of 0.3% quarterly and of 1.6% annualized. Forex traders can compare this to the Australian GDP for the fourth-quarter which increased by 1.1% quarterly and by 2.4% annualized.
- Australian Foreign Reserves: Australian Foreign Reserves for May were reported at A$88.5B. Forex traders can compare this to Australian Foreign Reserves for April which were reported at A$79.9B.
Should price action for the GBPAUD remain inside the or breakout above the 1.7050 to 1.7100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7075
- Take Profit Zone: 1.7500 – 1.7575
- Stop Loss Level: 1.6900
Should price action for the GBPAUD breakdown below 1.7050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6975
- Take Profit Zone: 1.6700 – 1.6750
- Stop Loss Level: 1.7100
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
