135
Sentiment slightly improved after it was revealed that Ukraine had defeated Russia militarily over the weekend. This resulted in a generally greater trading range for Asian benchmark indexes, along with index futures for European markets.
Currently, the euro is the most powerful currency, closely followed by the pound, while the yen is the least strong. As per the reports that the ECB may need to raise interest rates to a minimum of 2% to combat inflation.
Focus on UK statistics
Several UK data sets, including GDP estimates, manufacturing, industrial, and trade data, are expected to be released at 07:00. Based on the top forex analysts, the GDP estimates for July are expected to increase from June’s distorted -0.6% number caused by the Queen’s Jubilee public holiday. The same factor caused a decline in construction, manufacturing, and industrial output in June, and any additional weakness in today’s report could have a negative impact on the British pound. Henceforth, traders are advised to read more about such data sets before trading.
The pound has been dragged higher by the euro, and the GBP/JPY has evaluated 166 ahead of today’s public report. The 1-hour chart suggests that GBP/JPY has probably finished a 3-wave regression, where a break over 166.35 assumes the restart of its bull market. However, as long as prices are below the tolerance threshold, we should be on the lookout for the formation of making goods. Additionally, overbought and on the verge of generating a sell signal is the probability modulator.
