Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for June were reported at 12 and CBI Total Distributed Reported Sales were reported at 17. Economists predicted a figure of 2 and 15. Forex traders can compare this to UK CBI Retailing Reported Sales for May which were reported at 2 and to CBI Total Distributed Reported Sales which were reported at 18.
Here are the key factors to keep in mind today for US Dollar trades:
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for April is predicted to increase by 0.50% monthly and by 5.90% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for March which increased by 0.90% monthly and which increased by 5.90% annualized.
- US Consumer Confidence: US Consumer Confidence for June is predicted at 116.0. Forex traders can compare this to US Consumer Confidence for May which was reported at 117.9.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for June is predicted at 7. Forex traders can compare this to the US Richmond Fed Manufacturing Index for May which was reported at 1.
Should price action for the GBPUSD remain inside the or breakout above the 1.2730 to 1.2750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2740
- Take Profit Zone: 1.3300 – 1.3350
- Stop Loss Level: 1.2650
Should price action for the GBPUSD breakdown below 1.2730 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2700
- Take Profit Zone: 1.2580 – 1.2600
- Stop Loss Level: 1.2750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.