Deeper decline is in favor for EUR

Deeper decline is in favor and next target would be at 1.3900 or even lower. Near term resistance is at 1.4125, as long a this level holds, downtrend will continue.

Net Lending to Individuals data will be released today

The Net Lending to Individuals data is expected to be positive and push up the GBP today. The data will be released at 8:30 am GMT. The forecast is 1.0B which indicates a rising debt level and it is a sign that lenders feel comfortable issuing loans, and that consumers are confident in their financial position and eager to spend money.

Current price of GBP/USD 1.6445 and a rally up to a level of 1.6500 could be seen after the data is released.

CBI Realized Sales data will be released today

CBI Realized Sales data will be released today at 11:00 am GMT. It's a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels. The expetations are negative and it may downtrend the GBP short after the data is released.

Sales of new homes rise and uptrend the USD

Sales of new homes in the U.S. in June rose by the biggest amount since November 2008, climbing by 11% to a seasonally adjusted annual rate of 384,000, the Commerce Department reported today.

The data was released at 2:00 pm GMT when the price of EUR/USD was trading at the price of about 1.4260. Short after the announcement the USD gained profit and the currency pair EUR/USD downtrend to the price of 1.4420 at 2:45 pm GMT. (profit of 40 pips)

Possible break to 1.4280 for EUR

The current price of EUR/USD is: 1.4226. The GfK German Consumer Climate data will be released today at 6:00 am GMT and the expectations are positive and the EUR will most likely test to reach a level of 1.4280

Comment:
Position EUR/USD bought at the price of 1.4230 at 4:40 am GMT and position sold at level 1.4285 at 11:10 am GMT (profit of 55 pips)

New Home Sales data could uptrend the USD

The new home sales data will be announced today at 2:00 pm GMT. It's a leading indicator of economic health because the sale of a new home triggers a wide-reaching ripple effect.