Here are the key factors to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for May was reported at £3.36B and UK Public Sector Net Borrowing excluding Banking Groups at £4.97B. Economists predicted a figure of £5.0B and of £6.3B. Forex traders can compare this to UK Public Sector Net Borrowing for April which was reported at £5.27B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £6.88B. UK Public Finances for May were reported at £4.51B and UK Central Government Borrowing at £7.20B. Forex traders can compare this to UK Public Finances for April which were reported at -£9.7B and to UK Central Government Borrowing which was reported at -£6.1B.
- Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England is predicted to keep interest rates at 0.50%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates at 0.50%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.
Here are the key factors to keep in mind today for Swiss Franc trades:
- Swiss Exports and Swiss Imports: Swiss Exports for May were reported flat at 0.0% monthly and Swiss Imports increased by 3.1% monthly. Forex traders can compare this to Swiss Exports for April which increased by 0.4% monthly and to Swiss Imports which decreased by 0.4% monthly.
- Swiss National Bank Sight Deposit Interest Rate: The Swiss National Bank Sight Deposit Interest Rate was reported at -0.75%. Economists predicted a reading of -0.75%. Forex traders can compare this to the previous Swiss National Bank Sight Deposit Interest Rate which was reported at -0.75%. The SNB 3-Month Libor Lower Target Range was reported at -1.25% and the SNB 3-Month Libor Upper Target Range was reported at -0.25%. Economists predicted a figure of -1.25% and of -0.25%. Forex traders can compare this to the previous NB 3-Month Libor Lower Target Range of -1.25% and to the SNB 3-Month Libor Upper Target Range of -0.25%.
Should price action for the GBPCHF remain inside the or breakout above the 1.3050 to 1.3130 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3085
- Take Profit Zone: 1.3725 – 1.3855
- Stop Loss Level: 1.2860
Should price action for the GBPCHF breakdown below 1.3050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3010
- Take Profit Zone: 1.2860 – 1.2910
- Stop Loss Level: 1.3050
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
