Here are the key factors to keep in mind today for British Pound trades:
- British Industrial Production and British Manufacturing Production: British Industrial Production for June is predicted to increase by 0.1% monthly and by 1.6% annualized. Forex traders can compare this to British Industrial Production for May which decreased by 0.5% monthly and which increased by 1.4% annualized. British Manufacturing Production for June is predicted to decrease by 0.2% monthly and to increase by 1.3% annualized. Forex traders can compare this to British Manufacturing Production for May which decreased by 0.5% monthly and which increased by 1.7% annualized.
- British Trade Balance: The British Visible Trade Balance for June is predicted at -£10.075B. Forex traders can compare this to the British Visible Trade Balance for May which was reported at -£9.879B. The British Trade Balance Non EU for June is predicted at -£2.563B. Forex traders can compare this to the British Trade Balance Non EU for May which was reported at -£2.566B. The British Total Trade Balance for June is predicted at -£2.550B. Forex traders can compare this to the British Total Trade Balance for May which was reported at -£2.263B.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for July is predicted to increase by 0.4% monthly. Forex traders can compare this to the British NIESR GDP Estimate for June which increased by 0.6% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFIB Small Business Optimism Index: The US NFIB Small Business Optimism Index for July is predicted at 94.5. Forex traders can compare this to the NFIB Small Business Optimism Index for June which was reported at 94.5.
- US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the second-quarter is predicted to increase by 0.5% quarterly and Unit Labor Costs by 1.8% quarterly. Forex traders can compare this to US Non-Farm Productivity for the first-quarter which decreased by 0.6% quarterly and to Unit Labor Costs which increased by 4.5% quarterly.
- US Wholesale Inventories and Wholesale Trade Sales: US Wholesale Inventories for June are predicted flat at 0.0% monthly and Wholesale Trade Sales to increase by 0.5% monthly. Forex traders can compare this to US Wholesale Inventories for May which increased by 0.1% monthly and to Wholesale Trade Sales which increased by 0.5% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2975 to 1.3025 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3000
- Take Profit Zone: 1.3900 – 1.4000
- Stop Loss Level: 1.2800
Should price action for the GBPUSD breakdown below 1.2975 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2925
- Take Profit Zone: 1.2700 – 1.2800
- Stop Loss Level: 1.3025
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