Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Halifax House Price Index for June decreased by 0.1% monthly and 2.6% tri-monthly annualized. Economists predicted a rise of 0.1% monthly and a contraction of 2.3% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for May, which dropped by 0.2% monthly and 1.1% tri-monthly annualized.
UK Labor Productivity for the first quarter is predicted to decrease by 1.4% quarterly. Forex traders can compare this to UK Labor Productivity for the fourth quarter, which rose by 0.4% quarterly.
The US NFP Report for June is predicted to show 225K job additions and an unemployment rate of 3.6%. Forex traders can compare this to the US NFP Report for May, which showed 339K job additions and an unemployment rate of 3.7%. Private Payrolls for June are predicted to show 200K job additions and Manufacturing Payrolls 0K job additions. Forex traders can compare this to Private Payrolls for May, which showed 283K job additions, and Manufacturing Payrolls, which showed 2K job losses. The Average Work Week for June is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for May, reported at 34.3 hours. Average Hourly Earnings for June are predicted to increase by 0.3% monthly and 4.2% annualized. Forex traders can compare this to Average Hourly Earnings for May, which rose 0.3% monthly and 4.3% annualized. The Labor Force Participation Rate for June is predicted at 62.6%. Forex traders can compare this to the Labor Force Participation Rate for May, reported at 62.6%. Government Payrolls for June are predicted to show 7K job additions, and the U6 unemployment rate is predicted at 6.6%. Forex traders can compare this to Government Payrolls for May, which showed 56K job additions and the U6 unemployment rate of 6.7%.
US Natural Gas Inventories for the week ending June 30th are predicted at 64B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending June 23rd, reported at 76B cubic feet.
The forecast for the GBP/USD remains bullish after this currency pair formed a bullish flag formation. The ascending Ichimoku Kinko Hyo Cloud adds upside momentum, but volatility could rise after the Tenkan-sen and the Kijun-sen have flatlined. Traders should also monitor the CCI after this technical indicator has crossed above zero with plenty of upside potential. 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 1.2715 to 1.2780 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2745
- Take Profit Zone: 1.3000 – 1.3090
- Stop Loss Level: 1.2685
Should price action for the GBP/USD breakdown below 1.2715, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2685
- Take Profit Zone: 1.2540 – 1.2610
- Stop Loss Level: 1.2715
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