Here are the key factors to keep in mind today for British Pound trades:
- UK GDP: The UK Preliminary GDP for the second-quarter is predicted to increase by 0.6% quarterly and by 2.2% annualized. Forex traders can compare this to the previous second-quarter GDP which increased by 0.6% quarterly and by 2.2% annualized. Private Consumption for the second-quarter is predicted to increase by 0.8% quarterly, Government Spending by 0.3% quarterly and Gross Fixed Capital Formation by 0.4% quarterly. Forex traders can compare this to the previous second-quarter Private Consumption which increased by 0.7% quarterly, to Government Spending which increased by 0.5% quarterly and to Gross Fixed Capital Formation which decreased by 0.1% quarterly. UK Exports are predicted to increase by 0.7% quarterly and UK Imports are predicted to increase by 0.8% quarterly. Forex traders can compare this to the previous second-quarter UK Exports which decreased by 0.4% quarterly and to UK Imports which increased by 0.1% quarterly.
- UK Index of Services: UK Index of Services for June are predicted to increase by 0.1% monthly and by 0.4% monthly over three months. Forex traders can compare this to the UK Index of Services for May which decreased by 0.1% monthly and which increased by 0.3% monthly over three months.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced GDP: The US Advanced GDP for the second-quarter is predicted to increase by 1.1% annualized. Forex traders can compare this to the previous US GDP for the second-quarter which increased by 1.2% annualized. Personal Consumption is predicted to increase by 4.2% annualized. Forex traders can compare this to the previous Personal Consumption for the second-quarter which increased by 4.2% annualized. The GDP PPI for the second-quarter is predicted to increase by 2.2% annualized. Forex traders can compare this to the previous GDP PPI for the second-quarter which increased by 2.2% annualized. The Core PCE for the second-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the previous Core PCE for the second-quarter which increased by 1.7% annualized.
- US Trade Balance: The US Trade Balance for July is predicted at -$63.0B. Forex traders can compare this to the US Trade Balance for June which was reported at -$64.5B.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for August is predicted at 90.8. Forex traders can compare this to the previous US Michigan Consumer Confidence for August which was reported at 90.4.
Should price action for the GBPUSD remain inside the or breakout above the 1.3200 to 1.3250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3225
- Take Profit Zone: 1.3950 – 1.4000
- Stop Loss Level: 1.3000
Should price action for the GBPUSD breakdown below 1.3200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3175
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.3250
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