Here are the key factors to keep in mind today for British Pound trades:
- British GfK Consumer Confidence Survey: The British GfK Consumer Confidence Survey for June was reported at -1. Economists predicted a figure of -2. Forex traders can compare this to the British GfK Consumer Confidence Survey for May which was reported at -1.
- British GDP: The final British GDP for the first-quarter is predicted to increase by 0.4% quarterly and by 2.0% annualized. Forex traders can compare this to the previous British GDP for the first-quarter which increased by 0.4% quarterly and by 2.0% annualized.
- British Current Account: The British Current Account for the first-quarter is predicted at -£28.0B. Forex traders can compare this to the British Current Account for the fourth-quarter which was reported at -£32.7B.
- British Index of Services: British Index of Services for April is predicted to increase by 0.2% monthly and by 0.4% monthly over three months. Forex traders can compare this to the British Index of Services for March which decreased by 0.1% monthly and which increased by 0.6% monthly over three months.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Raw Materials Price Index and Industrial Product Price Index: The Canadian Raw Materials Price Index for May is predicted to increase by 5.0% monthly and the Industrial Product Price Index by 0.4% monthly. Forex traders can compare this to the Canadian Raw Materials Price Index for April which increased by 0.7% monthly and to the Industrial Product Price Index which decreased by 0.5% monthly.
- Canadian GDP: The Canadian GDP for April is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian GDP for March which decreased by 0.2% monthly and which increased by 1.1% annualized.
Should price action for the GBPCAD remain inside the or breakout above the 1.7350 to 1.7400 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7375
- Take Profit Zone: 1.9000 – 1.9075
- Stop Loss Level: 1.7000
Should price action for the GBPCAD breakdown below 1.7350 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7325
- Take Profit Zone: 1.7000 – 1.7050
- Stop Loss Level: 1.7400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
