Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for June is predicted to increase by 0.2% monthly and by 0.4% annualized. Forex traders can compare this to the UK CPI for May which increased by 0.2% monthly and by 0.3% annualized. The Core CPI for June is predicted to increase by 1.3% annualized. Forex traders can compare this to Core CPI for May which increased by 1.2% annualized.
- UK PPI: The UK PPI Input for June is predicted to increase by 1.1% monthly and to decrease by 0.7% annualized. Forex traders can compare this to the UK PPI Input for May which increased by 2.6% monthly and which decreased by 3.9% annualized. The UK PPI Output for May is predicted to increase by 0.2% monthly and to decrease by 0.5% annualized. Forex traders can compare this to the UK PPI Output for May which increased by 0.1% monthly and which decreased by 0.7% annualized. The UK PPI Core Output for June is predicted to increase by 0.1% monthly and by 0.6% annualized. Forex traders can compare this to the UK PPI Core Output for May which was reported flat at 0.0% monthly and which increased by 0.5% annualized.
- UK RPI: The UK RPI for June is predicted to increase by 0.2% monthly and by 1.5% annualized. Forex traders can compare this to the UK RPI for May which increased by 0.3% monthly and by 1.4% annualized. The UK RPI Excluding Mortgage Interest Payments is predicted to increase by 1.5% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for May which increased by 1.5% annualized.
Here is the key factor to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for June are predicted to increase by 0.1% monthly to 1,165K starts and Building Permits are predicted to increase by 1.2% monthly to 1,150K permits. Forex traders can compare this to US Housing Starts for May which decreased by 0.3% monthly to 1,164K starts and Building Permits which increased by 0.5% monthly to 1,136K permits.
Should price action for the GBPUSD remain inside the or breakout above the 1.3200to 1.3250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3225
- Take Profit Zone: 1.3900 – 1.4000
- Stop Loss Level: 1.3100
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: 1.2950 – 1.3000
- Stop Loss Level: 1.3250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
