23 July 2024, GBP/USD
Event to watch out for today:
17:00 GMT+3. USD - Existing Home Sales
GBPUSD:
GBP/USD moved sideways on Monday, fluctuating just above 1.2900 as markets took a breather after last week's surge in USD trading. Price is moving towards the intraday technical level near 1.2925 as markets prepare for a fresh batch of key data releases on both sides of the Atlantic starting Wednesday.
Monday opened the new trading week on a quiet note as the list of economic data remains sparse at the start of the week. Tuesday will see the release of average US home sales data for June, while GBP/USD traders will be expecting a double header of purchasing managers' index (PMI) data on Wednesday. The UK Manufacturing and Services PMI for July is expected to be slightly higher, with the Services PMI for the month coming in at 52.5, up from 52.1 in the previous month.
Wednesday will be followed by the release of US PMIs. Forecast models expect the July US services PMI to fall to 54.4 vs. the previous reading of 55.3. Thursday will continue the trend of high impact data releases from the US with the release of annualized Gross Domestic Product (GDP) for the second quarter of 2024. Key US inflation data will close the trading week with Friday's Personal Consumption Expenditures (PCE) price index.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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