1.6400 level is possible for the GBP

Current level 1.6324 at 5:45am GMT and it is most likely GBP to reach level of 1.6400 later on today.

The trade balance and the imported prices meetings for the USD are scheduled for today at 1:30pm GMT and the forecast is in favor for the american currency.

The GBP flies:

The Bank of England surprised markets by announcing no expansion of its quantitative easing scheme on Thursday as it left interest rates unchanged at a record low of 0.5 percent for a fourth month running.

After the announcement the british pound flied from level 1.6080 up to about 1.6300. The uptrend is in flavor.

Jobless Rate in Australia may be negative for the AUD.

The meeting is scheduled for 2:30am GMT and most likely the report would downtrend the AUD as the jobless rate is expected to go up to 5.9%

Crude Oil Inventories could downturn the USD.

Crude Oil Inventories is taking place today at 3PM GMT and the forecast is about -2.8M which would downturn the USD and could uptrend the EUR.

Final Gross Domestic Product (GDP) could downturn the EUR.

The final GDP is scheduled today for 10AM GMT. It is released quarterly, and the forcast is about -2.5% which most likely will downturn the EUR.

EUR/USD Analysis - July 7, 2009

The currency pair is in the trading range between 1.3880 and 1.4020. Deeper decline is expected at about 1.3748 level today. An alternative scenario could be further rebound to 1.4120-1.4140 area.

Comment:
I have bought position at 1.3974 level at 5.31am GMT and a current profit of 10 pips has been confirmed. Will expect level of 1.3990 to sell the position.

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- Level of 1.3990 reached at 11.00am GMT leaving with a profit of 16 pips.

Australian Job Advertisements Fell 6.7% in June, ANZ Bank Says

Australian advertisements for job vacancies tumbled in June for a 14th month, adding to signs the nation’s economy is being buffeted by the global recession.

AUD/USD had a downtrend with about 20 pips after the announcement was made.

ISM Non-Manufacturing PMI on Monday, July 6

Service industries in the U.S. will probably downtrend the USD since the indicators are expected to be below 50 which will indicate contraction.

Meeting is scheduled for 3pm GMT on Monday, July 6

ECB President Trichet Speaks on Sunday, July 5

Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues. EUR could be go in a negative or positive direction depending on his speech.