Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Nationwide House Prices for October are predicted to increase 0.4% monthly and 9.3% annualized. Forex traders can compare this to UK Nationwide House Prices for September, which increased 0.1% monthly and 10.0% annualized.
UK Mortgage Approvals for September are predicted at 70.95K. Forex traders can compare this to UK Mortgage Approvals for August, which were reported at 74.45K. UK Net Consumer Credit for September is predicted at £0.450B, and Net Mortgage Lending is predicted at £6.000B. Forex traders can compare this to UK Net Consumer Credit for August, reported at £0.400B, and Net Mortgage Lending, reported at £5.290B.
South African M3 Money Supply for September increased 4.01% annualized. Economists predicted an increase of 1.90%. Forex traders can compare this to South African M3 Money Supply for August, which increased 2.31% annualized. Private Sector Credit for September increased 1.60% monthly. Economists predicted an increase of 2.10%. Forex traders can compare this to Private Sector Credit for August, which increased 1.21% monthly.
The forecast for the GBP/ZAR remains bullish after a powerful advance with more upside potential following a minor pullback. Upside pressure remains healthy with the Kijun-sen and the Tenkan-sen advancing. The Ichimoku Kinko Hyo Cloud suggests short-term weakness after the Senkou Span A crossed below the Senkou Span B. Traders should wait for the descending CCI to move out of extreme overbought territory. Another push higher is likely, before adding buy orders in this currency pair. Can bulls remain in control over price action of the GBP/ZAR and extend the rally 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 20.7065 to 20.9790 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 20.8875
- Take Profit Zone: 21.2975 – 21.4945
- Stop Loss Level: 20.6350
Should price action for the GBP/ZAR breakdown below 20.7065, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 20.6350
- Take Profit Zone: 20.3670 – 20.4870
- Stop Loss Level: 20.7065
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