FxOrtrader trading journal FXGlory

Today Theresa May will officially no longer serve as Prime Minister of England. This has the potential to cause political uncertainty in the UK before the UK deadline for leaving the European Union. Until now, the Brexit scenario is still unclear about the outlook. May's failure to get a voice from the opposition became an obstacle that made no certainty.

Release of UK GDP data and manufacturing industry at 15.30 WIB will be in focus. If these data show an economic slowdown in the UK, the GBPUSD has the potential to weaken.

The condition of GBP / USD moves bearish and has decreased to 80 pips today, what do you think about this GU price, is it a trend change or what?

After disappointing GDP and UK manufacturing production figures, today the release of UK earnings data will provide a catalyst for further GBPUSD. If this data still shows an economic slowdown in the UK, GBPUSD has the potential to weaken. The impact of Brexit vagueness is seen by the market as making the outlook for the UK economy not too good.

In addition, the release of US production price index data at 7:30 a.m. WIB will also test the strength of the dollar after the bad release of US NFP data last Friday.

The GBPUSD strengthened after the latest UK employment report came to show that average earnings excluding bonuses recorded strong annual growth of 3.4 percent over the three months to April.

In addition, income data including bonuses were also better than expected and helped offset data from the increase in the number of applicants for unemployment benefits by 23.2 thousand in May compared to the previous month which fell below the revised reading of 19,100.

GBPUSD
In the midst of still awaiting market players to be certain the Brexit outlook is in the hands of the new Prime Minister, GBPUSD has a chance to strengthen even though it is limited if it is able to take advantage of the negative sentiment from the dollar. A strengthening opportunity targeting the 1.2735 resistance with the closest support at 1.2650.

In the first vote, Boris Johnson was elected who would take the post of British Prime Minister and leader of the Conservative Party. Even so, this is not positively responded by the market because the Brexit outlook is still unclear. But if the dollar gets a weaker sentiment from the release of its economic data, as long as it moves above 1.2660 GBPUSD in a stronger tendency to test the nearest resistance 1.2710 before targeting 1.2735.

US-EUROPEAN ECONOMIC AND TENSION SLOWS TRY GOLD PRICES MOVED UP TO $ 1393.

Gold prices moved higher in early European session trading on Tuesday to hit $ 1393.22 per troy ounce after falling sharply on Monday, as investors were concerned about an economic slowdown amid weak global manufacturing data and trade tensions between the US and the European Union.

Margaret Yang Yan, market analyst at CMC Market said that the trade conflict is again the center of attention today and market players are starting to shift attention from the US-China to the US-European Union.

The United States on Monday raised pressure on Europe in long-term tensions regarding aircraft subsidies, threatening to give additional tariffs on EU goods of $ 4 billion, above $ 21 billion worth of products announced in April.

Meanwhile factory activity weakened in most parts of Europe and Asia in June, and manufacturing growth slowed in the United States, making world policymakers under pressure to prevent a recession.

Yan said that weak data provided investors with a recollection of the risk of recession against us, which is the driving force for safe haven assets.

But the rise in gold prices was limited by the strengthening of the dollar, which moved near the highest level in a week, supported by an agreement between the US and China which will hold talks again to complete their trade war.

EURUSD has the opportunity to move up in the short term behind the latest statement from the European Central Bank which said that they were in no hurry to cut interest rates in July to test the resistance level at 1.1320 - 1.1370. EURUSD has a chance to move down targeting the support at 1.1260 - 1.1210 if a number of economic data from the Eurozone countries are released lower than estimated.