Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for June was reported flat at 0.0% monthly and increased by 2.6% annualized. Economists predicted an increase of 0.2% monthly and of 2.9% annualized. Forex traders can compare this to the UK CPI for May which increased by 0.3% monthly and by 2.9% annualized. The Core CPI for June increased by 2.4% annualized. Economists predicted and increase of 2.6% annualized. Forex traders can compare this to Core CPI for May which increased by 2.6% annualized.
- UK RPI: The UK RPI for June increased by 0.2% monthly and by 3.5% annualized. Economists predicted an increase of 0.4% monthly and of 3.6% annualized. Forex traders can compare this to the UK RPI for May which increased by 0.4% monthly and by 3.7% annualized. The UK RPI Excluding Mortgage Interest Payments for June increased by 3.8% annualized. Economists predicted an increase of 3.8% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for May which increased by 3.9% annualized.
- UK PPI: The UK PPI Input for June decreased by 0.4% monthly and increased by 9.9% annualized. Economists predicted a decrease of 0.9% monthly and an increase of 9.3% annualized. Forex traders can compare this to the UK PPI Input for May which decreased by 0.7% monthly and which increased by 12.1% annualized. The UK PPI Output for June was reported flat at 0.0% monthly and increased by 3.3% annualized. Economists predicted an increase of 0.1% monthly and of 3.4% annualized. Forex traders can compare this to the UK PPI Output for May which increased by 0.1% monthly and by 3.6% annualized. The UK PPI Core Output for June increased by 0.2% monthly and by 2.9% annualized. Economists predicted an increase of 0.1% monthly and of 2.8% annualized. Forex traders can compare this to the UK PPI Core Output for May which increased by 0.1% monthly and by 2.8% annualized.
- UK House Price Index: The UK House Price Index for May increased by 4.7% annualized. Economists predicted an increase of 3.0% annualized. Forex traders can compare this to the UK House Price Index for April which increased by 5.6% annualized.
Here is the key factor to keep in mind today for US Dollar trades:
- US Import Price Index: The US Import Price Index for June is predicted to decrease by 0.2% monthly and to increase by 1.3% annualized. Forex traders can compare this to the US Import Price Index for May which decreased by 0.3% monthly and which increased by 2.1% annualized. The US Import Price Index excluding Petroleum for June is predicted flat at 0.0% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for May which was reported flat 0.0% monthly.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for July is predicted at 67. Forex traders can compare this to the US NAHB Housing Market Index for June which was reported at 67.
Should price action for the GBPUSD remain inside the or breakout above the 1.2980 to 1.3020 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3000
- Take Profit Zone: 1.3340 – 1.3380
- Stop Loss Level: 1.2880
Should price action for the GBPUSD breakdown below 1.2980the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2830
- Take Profit Zone: 1.2710 – 1.2740
- Stop Loss Level: 1.2320
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
