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GBP/USD Forecast for 02-July to 06-July

GBP/USD Forecast Key Points:
The upcoming week features PMI data and Carney speech on GBP/USD eventually closed the week on the lower ground after reaching new 2018 lows. A  small peaceful turn without improvement in the BOE and Brexit hurt the pound. Here are the key events and an updated technical analysis for GBP/USD.
There is basically a little progress on Brexit’s sidelines on the EU Summit. In addition, Haskel, a dove, is joining the BOE instead of McCafferty, a hawk. They both spoke at the same event and the stark contrast measured on the pound. Giving some respite to the pound, UK GDP for Q1 was upgraded to 0.2% q/q in the last read. In the US, fears of trade wars were slightly lower as Trump avoided from taking the toughest possible action against Chinese investment. US data was mixed.
The upcoming week features PMI data and Carney speech on GBP/USD eventually closed the week on the lower ground after reaching new 2018 lows. A  small peaceful turn without improvement in the BOE and Brexit hurt the pound. Here are the key events and an updated technical analysis for GBP/USD.
There is basically a little progress on Brexit’s sidelines on the EU Summit. In addition, Haskel, a dove, is joining the BOE instead of McCafferty, a hawk. They both spoke at the same event and the stark contrast measured on the pound. Giving some respite to the pound, UK GDP for Q1 was upgraded to 0.2% q/q in the last read. In the US, fears of trade wars were slightly lower as Trump avoided from taking the toughest possible action against Chinese investment. US data was mixed.
1. Manufacturing PMI: On Monday, 8:30, the manufacturing sector is growing at an OK speed. The score stood at 54.4 in May and is now expected to tick down to 54.1 points. The sector enjoyed a weaker pound for its exports.
2. Construction PMI: Tuesday, 8:30. The construction sector has been the weaker link in the economy. At some point, PMI even dipped into contraction territory. A score is 52.6 on the cards in June after 52.5 in May.
3. BRC Shop Price Index: Tuesday, 23:01. At the British Retail Consortium’s stores, this inflation scale has dropped by 1.1% y/y in June. We will now get the figures for June.
4. Services PMI: Wednesday, 8:30. The third largest and the most important purchasing managers’ records in the US is in the services sector. The forward-looking survey stood at 54 points in May and is expected to tick down to 53.9 points in the read for June. A pick up in growth during the spring could boost the indicator and the pound, while concerns about Brexit could push it down.
5. Housing Equity Withdrawal: Thursday, 8:30. This measure of lending in the housing sector stood at 6.7 billion in Q4 2018. A broader withdrawal expectations rate stand at 7.3 billion for Q1 2018.
6. Mark Carney Talks: Thursday, 10:00. The Governor of the BOE will speak in Newcastle and has the opportunity to respond to recent economic data and his thoughts about inflation.
7. Halifax HPI: Friday, 7:30. This highly regarded standard of house prices jumped by an encouraging 1.5% in May and is expected to moderate increase of 0.4% in June. There is quite change between different regions of the UK.
GBP/USD Technical analysis
Pound/dollar reaching the 1.30 handle dropped sharply, and eventually closed just around 1.3205, mentioned last week.
gpb-usd technical chart, forex signals
GBP/USD Technical analysis
Pound/dollar reaching the 1.30 handle dropped sharply, and eventually closed just around 1.3205, mentioned last week.
Technical lines from top to bottom:
1.3615 capped the pair in late 2017. 1.3470 was a swing high in early June.
The round number of 1.34 could provide further support. Further down, 1.3315 was a swing high in late June.
1.3250 was a swing low in early June. Even lower, 1.3205 was the low point in late May. 1.3100 was a swing low in mid-June and 1.3050 is the latest 2018 low. The round of 1.3000. If you are still confused to take a proper decision regarding your trading strategy. We would love to help you to trade safely and effectively. Book a free trial of forex signals services with us.

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