UK GDP (second estimate): Thursday, 8:30. The first estimate of UK GDP growth for Q2 2017 met expectations at 0.3%. In general, growth has significantly slowed down in the UK in 2017 after a strong 2016. Brexit begins biting. The number will likely be confirmed now.
US Existing Home Sales: Thursday, Thursday, 14:00. Sales of second-hand homes consist of most transactions and gauging their level serves as another indicator of the sector and the economy. In June, these came out slightly below expectations at 5.53 million annualized. A small rise could be seen now: 5.57 million is projected.
GBP
UK GDP (second estimate)
US Existing Home Sales
- EURUSD
Update: We remain bearish – movement is very tight. As could be seen on the day chart that the pair is traded right below a strong resistance level that could be found around 1.1900. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1800 during the week (our first target) followed by 1.1600. On the other hand, breaching the level of 1.1900 can open the door for further upward movements during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1900 ▪ 1.1800 |
▪ 1.1540 ▪-1.1250 ▪ 1.1200 |
We remain bearish as long as the pair is traded below the level of 1.1900. |
- GBPUSD
Update: the pair was not able to close below the level of 1.2800. As could be seen on the daily chart that the pair managed to break through a strong support level (the uptrend line which is broken now). Having the uptrend line broken doesn’t mean that we can go short because we still have a strong support level that could be found around 1.2800. So, if the level of 1.2800 is breached, then the way would be open for the pair to reach the level of 1.2600 during the week. (1.2700 followed by 1.2600).
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3200 ▪ 1.3300 |
▪ 1.2800 ▪ 1.3000 |
Waiting for the pair to breach the level of 1.2800. |
- GOLD
Update: Movement is very tight but the pair is still traded below the level of 1300. The pair is traded below a strong resistance level that could be found around the level of 1300. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1250 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1280 ▪ 1290 |
▪ 1245 ▪ 1210 ▪ 1200 |
We remain bearish as long as the pair is traded below the level of 1300 |
- AUDUSD
Update: The pair started its bearish movement. The pair may continue going up to reach the level of 0.8000 then a pullback is expected. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7800 followed by 0.7700. This is conditioned by the continuation of trading below the level of 0.8000.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
We remain short as long as the pair is traded below the level of 0.8000 |
- GBPJPY
Update: the pair is was not able to break through the level of 139 – we remain the same. The broken uptrend line has opened the door for further downward movement during the week. We would also like to mention that the breakout of the level of 139 will open the door for pair to reach the level of 138 followed by 137 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 148 ▪ 147.95 ▪ |
▪ 139 ▪ 138 |
Waiting for the pair to break through the level of 139. |
