Daily Forex Analysis - GBP Currency Analysis (21 July 2021)
Currency call summary 21 07 2021:
If price moves below 1.360 with a possible sell trade with a 60 pip stop loss and a 120 pip take profit, after a short term retrace with positive news from UK PMI and retail data released out Friday with sales data out at 14:00 & PMI's at 16:30 both at GMT+8. For the GBPJPY it was discussed that there is a possible buy trade if price can break over 149.73 this will be dependent on if the JPY starts weakening based on the risk sentiment staying positive or if equities push lower after a rally yesterday in the US. In the first 8 minutes of the call Gim Hong went into detail about the ECB Monetary Policy Statement coming out at 19:45 GMT+8 with a dovish stance expected which will be a bearish catalyst for the EURUSD. The DXY is currently still trading over 93.00 with the next significant economic news for the US being existing home sales released at 5.90 million, with a beat on this forecast helping to hold to US dollar higher which is bullish and looking to move to 93.40 this week.
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