GBP - Strong Bullish
1️⃣ The decline in infection cases and the easing of restrictions in the UK support demand on the GBP.
2️⃣ Preliminary readings show that the UK economy grew by 4.8% in the second quarter, recovering from a 1.6% contraction in the previous period.
3️⃣ The UK unemployment rate fell to 4.7% from 4.8%, while employment rose 95K in June.
4️⃣ The UK inflation rate is expected to increase in July as the price component in both the manufacturing and services sectors increases sharply.
CAD - Strong Bearish
1️⃣ The risk-off environment and further decline in crude oil prices depressed the CAD.
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Technical
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We are buying the GBPCAD after the price breaks resistance.
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Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
1️⃣ The decline in infection cases and the easing of restrictions in the UK support demand on the GBP.
2️⃣ Preliminary readings show that the UK economy grew by 4.8% in the second quarter, recovering from a 1.6% contraction in the previous period.
3️⃣ The UK unemployment rate fell to 4.7% from 4.8%, while employment rose 95K in June.
4️⃣ The UK inflation rate is expected to increase in July as the price component in both the manufacturing and services sectors increases sharply.
CAD - Strong Bearish
1️⃣ The risk-off environment and further decline in crude oil prices depressed the CAD.
=====
Technical
=====
We are buying the GBPCAD after the price breaks resistance.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
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