Here are the key factors to keep in mind today for British Pound trades:
- UK Lloyds Business Barometer: The UK Lloyds Business Barometer for July was reported at 30. Forex traders can compare this to the UK Lloyds Business Barometer for June which was reported at 30.
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for June is predicted at £1.5B and Net Lending Securities on Dwellings is predicted at £3.4B. Forex traders can compare this to UK Net Consumer Credit for May which was reported at £1.7B and to Net Lending Securities on Dwellings which was reported at £3.5B.
- UK Mortgage Approvals: UK Mortgage Approvals for June are predicted at 65.0K. Forex traders can compare this to UK Mortgage Approvals for May which were reported at 65.2K.
Here are the key factors to keep in mind today for US Dollar trades:
- US Chicago PMI: The US Chicago PMI for July is predicted at 60.0. Forex traders can compare this to the US Chicago PMI for June which was reported at 65.7.
- US Pending Home Sales: US Pending Home Sales for June are predicted to increase by 1.0% monthly and by 0.7% annualized. Forex traders can compare this to US Pending Home Sales for May which decreased by 0.8% monthly and which increased by 0.5% annualized.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for July is predicted at 13.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for June which was reported at 15.0.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3100 to 1.3160 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3130
- Take Profit Zone: 1.2820 – 1.2860
- Stop Loss Level: 1.3300
Should price action for the GBPUSD breakout above 1.3160 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3190
- Take Profit Zone: 1.3300 – 1.3340
- Stop Loss Level: 1.3100
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
