Currency Trading at www.Elite-Trading-Corp.com

Written by David Song, Currency Analyst
U.K. Nationwide house prices rose 1.3% m/m in July, marking a third consecutive month of price increases and yet again surprising on the upside. The reading compares to our survey median for a 0.3% m/m increase and follows June’s 0.9% m/m rise. The y/y reading improved to -6.2% from -9.3%, [...]

The Pound pushed back above 1.6200 after falling below 1.6000 early yesterday as a pick up in risk appetite and overbought conditions inspired sterling bulls. Talking Points • Japanese Yen: Found Resistance at 93.60 • Pound: Higher Ahead Of BoE Rate Decision • Euro: Higher As ECB Upbeat in Monthly Report • US Dollar: Initial Jobless Claims On Tap.

British Pound May Remain Under Pressure Ahead of BoE Rate Decision Fundamental Outlook for British Pound: Bearish -?U.K. 1Q GDP Contracted By 2.4% as the final reading was revised lower from the preliminary -1.9% -?The June U.K. manufacturing PMI reading rose to 47.0 from 45.4, which was the highest since May 2008 -?UK PMI Services fell in June to 51.5 from 51.7, diming recovery hopes The British Pound was derailed mid-week by a larger than expected contraction in 1Q GDP of 2.4% which saw the GBP/USD fall over 400 pips from its high of 1.6746.

The Pound looked to shake off political turmoil in the U.K.

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EUR/CAD Buy Recommendation Issued @1.5370