Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Nationwide House Prices for June are predicted to remain flat at 0.0% monthly. Forex traders can compare this to UK Nationwide House Prices for May, which rose by 0.4% monthly.
UK M4 Money Supply for May is predicted to increase by 0.2% monthly. Forex traders can compare this to UK M4 Money Supply for April, which rose 0.1% monthly.
UK Mortgage Approvals for May are predicted at 60.00K. Forex traders can compare this to UK Mortgage Approvals for April, reported at 61.14K.
The final UK S&P500/CIPS Manufacturing PMI for June is predicted at 51.4. Forex traders can compare this to the UK S&P500/CIPS Manufacturing PMI for May, reported at 51.2.
The Final US S&P Global Manufacturing PMI for June is predicted at 51.7. Forex traders can compare this to the US S&P Global Manufacturing PMI for May, reported at 51.3.
US Construction Spending for May is predicted to rise 0.3% monthly. Forex traders can compare this to US Construction Spending for April, which decreased 0.1% monthly.
The US ISM Manufacturing Index for June is predicted at 49.2, and ISM Prices Paid at 55.8. Forex traders can compare this to the US ISM Manufacturing Index for May, reported at 48.7, and ISM Prices Paid at 57.0.
The forecast for the GBP/USD turned cautiously bullish after this currency pair corrected into its horizontal support area. Short-term volatility could rise after the Kijun-sen and the Tenkan-sen have flatlined. The Ichimoku Kinko Hyo Cloud adds to upside momentum with the Senkou Span ascending, but a flat Senkou Span B dampens bullishness. Traders should also monitor the CCI following its breakout from extreme oversold territory, which boosted bullish momentum. This technical indicator has plenty of upside potential, and a move above zero could add to buying pressure. Can bulls maintain control over the GBP/USD and push price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/USD remain inside the or breakout above the 1.2630 to 1.2675 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2655
- Take Profit Zone: 1.2810 – 1.2860
- Stop Loss Level: 1.2560
Should price action for the GBP/USD break down below 1.2630, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2580
- Take Profit Zone: 1.2470 – 1.2520
- Stop Loss Level: 1.2630
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