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Trading ideas for GBP/USD, USD/CAD and Gold

August 01, 2022

GBP/USD: Cable prices climb higher as the key week begins with a monetary policy meeting and the US employment data for July. The pair jas been rising for the last two weeks in a row amid a softer US dollar, as well as political optimism in the UK. Also the greenback was pressured by the “technical recession” in the US after the Annualized readings of the Gross Domestic Product for the second quarter were published. Looking forward, a bunch of PMI data will entertain the cable traders ahead of Friday’s US Nonfarm Payrolls. Given the recent sentiment and the market’s move against the US dollar, a hawkish BOE position could have a more positive impact on the GBP/USD pair than previously.

BUY 1.2165/TP 1.2265/SL 1.2110

 

USD/CAD: Loonie pair was struggling around 1.28 support level during the early Asian session. The asset managed to defend the monthly support on Friday and is displaying bullish signals near the critical support area. The pair has reached 1.2820 during Asian session and more upside looks possible if the asset oversteps the critical resistance at 1.2855. On the loonie front, the Canadian economy reported on Friday that the economy has remained flat on the Gross Domestic Product (GDP) front. The Canadian GDP has landed at 0% which is higher than expected.

BUY 1.2850/TP 1.2950/SL 1.2800

 

Gold: Gold is expected to keep its last week’s optimism in the Asian session, as growing recession fears in the US economy support the yellow metal. The asset turned sideways after refreshing a three-week-high. However, the upside remains warranted despite soaring price pressures in the US economy. In today’s session, investors will keep an eye on the release of the ISM data. It will likely shift lower from the last release. A drop in Manufacturing PMI indicates that the Fed’s interest rate hikes began to affect the economy.

BUY 1763.00/TP 1777.00/SL 1758.00