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 July was reported at -£2.9B and UK Public Sector Net Borrowing excluding Banking Groups at -£2.0B. Economists predicted a figure of -£2.2B and of -£1.1B. Forex traders can compare this to UK Public Sector Net Borrowing for June which was reported at £3.3B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £4.2B. UK Public Finances for July were reported at -£19.2B and UK Central Government Borrowing at -£14.0B. Forex traders can compare this to UK Public Finances for June which were reported at £13.4B and to UK Central Government Borrowing which was reported at £13.6B.
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for August are predicted at 8 and CBI Trends Selling Prices are predicted at 14. Forex traders can compare this to CBI Trends Total Orders for July which were reported at 11 and to CBI Trends Selling Prices which were reported at 13.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Supermarket Sales: Japanese Supermarket Sales for July increased by 1.5% annualized. Forex traders can compare this to Japanese Supermarket Sales for June which increased by 0.1% annualized. Japanese Nationwide Department Store Sales for July decreased by 6.1% annualized. Forex traders can compare this to Japanese Nationwide Department Store Sales for June which increased by 3.1% annualized.
- Japanese Machine Tool Orders: Japanese Final Machine Tool Orders for July increased by 13.1% annualized. Forex traders can compare this to previous Japanese Machine Tool Orders for July which increased by 13.0% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 140.650 to 141.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 141.250
- Take Profit Zone: 146.300 – 147.150
- Stop Loss Level: 139.900
Should price action for the GBPJPY breakdown below 140.650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 140.200
- Take Profit Zone: 135.600 – 137.000
- Stop Loss Level: 141.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
