Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Public Sector Net Borrowing for June was reported at £22.020B and UK Public Sector Net Cash Requirements at £11.254B. Forex traders can compare this to UK Public Sector Net Borrowing for May, reported at £19.870B, and UK Public Sector Net Cash Requirements, reported at £21.703B.
The South African CPI for June is predicted to increase 0.2% monthly and 4.8% annualized. Forex traders can compare this to the South African CPI for May, which increased 0.1% monthly and 5.2% annualized. The Core CPI for June is predicted to increase 0.2% monthly and 3.1% annualized. Forex traders can compare this to Core CPI for May, which increased 0.3% monthly and 3.1% annualized.
The forecast for the GBP/ZAR remains bullish after this currency pair finished a minor correction. While the Tenkan-sen remains flat, the Kijun-sen continues to ascend. A bullish crossover can add to upside pressure on price action. The Ichimoku Kinko Hyo Cloud stabilized and adopted a bullish bias. Adding to bullish pressures is the CCI, which retreated from extreme overbought territory but started to reverse while maintaining its position above 0. Can bulls take advantage of upside pressures and force the GBP/ZAR into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/ZAR remain inside the or breakout above the 19.7700 to 20.0415 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 19.9600
- Take Profit Zone: 21.2975 – 21.4945
- Stop Loss Level: 19.6330
Should price action for the GBP/ZAR breakdown below 19.7700, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 19.6330
- Take Profit Zone: 19.1350 – 19.2855
- Stop Loss Level: 19.7700
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
