Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for May was reported at -£12.362B. Economists predicted a figure of -£12.000B. Forex traders can compare this to the UK Visible Trade Balance for April which was reported at -£12.396B. The UK Trade Balance Non EU for May was reported at -£3.491B. Economists predicted a figure of -£3.975B. Forex traders can compare this to the UK Trade Balance Non EU for April which was reported at -£4.335B. The UK Total Trade Balance for May was reported at -£2.790B. Economists predicted a figure of -£3.378B. Forex traders can compare this to the UK Total Trade Balance for April which was reported at -£3.087B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for May decreased by 0.4% monthly and increased by 0.8% annualized. Economists predicted an increase of 0.5% monthly and of 1.9% annualized. Forex traders can compare this to UK Industrial Production for April which decreased by 1.0% monthly and which increased by 1.6% annualized. UK Manufacturing Production for May increased by 0.4% monthly and by 1.1% annualized. Economists predicted an increase of 0.7% monthly and of 1.9% annualized. Forex traders can compare this to UK Manufacturing Production for April which decreased by 1.3% monthly and which increased by 0.9% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for May increased by 2.9% monthly and by 1.6% annualized. Economists predicted an increase of 0.5% monthly and a decrease of 0.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for April which were reported flat at 0.0% monthly and which decreased by 1.2% annualized.
- UK Statistics Office GDP Estimate: The UK Statistics Office GDP Estimate for the July GDP increased by 0.3% monthly. Economists predicted an increase of 0.3% monthly. This was the first ever released prediction for the UK Statistics Office GDP Estimate.
- UK Index of Services: UK Index of Services for May increased by 0.3% monthly and by 0.4% for the three-month-over-three-month period ending in May. Economists predicted an increase of 0.2% monthly and of 0.4% tri-monthly. Forex traders can compare this to the UK Index of Services for April which increased by 0.4% monthly and by 0.2% for the three-month-over-three-month period ending in April.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for June is predicted to increase by 0.3% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for May which increased by 0.2% monthly.
Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand ANZ Truckometer Heavy Index: The New Zealand ANZ Truckometer Heavy Index for June decreased by 1.5% monthly. Forex traders can compare this to the New Zealand ANZ Truckometer Heavy Index for May which increased by 3.0% monthly.
- New Zealand Card Spending: New Zealand Retail Card Spending for June increased by 0.8% monthly and New Zealand Card Spending increased by 0.4% monthly. Forex traders can compare this to New Zealand Retail Card Spending for May which increased by 0.4% monthly and to New Zealand Card Spending which increased by 0.5% monthly.
Should price action for the GBPNZD remain inside the or breakout above the 1.9380 to 1.9480 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9430
- Take Profit Zone: 1.9770 – 1.9830
- Stop Loss Level: 1.9290
Should price action for the GBPNZD breakdown below 1.9380 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9340
- Take Profit Zone: 1.9080 – 1.9140
- Stop Loss Level: 1.9430
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