29.06.202111:15 Forex Analysis & Reviews: Trading recommendations for starters of EUR/USD and GBP/USD on June 29, 2021

Here are the details of the economic calendar from June 28:

The economic calendar was empty yesterday. Important economic data from Europe, Great Britain, and the United States were not published.

The first day of the week mostly does not contain important statistics in the economic calendar, but this does not mean that the market will stand in one place that day.

Analysis of trading charts from June 28:

The EUR/USD pair moved towards the lower border of the lateral amplitude 1.1910/1.1975, locally piercing it with candle shadows. It is worth considering that the sideways movement of the price has been taking place for more than 100 hours, which signals the process of accumulation of trading forces.

• A piercing by the candlestick's shadow indicates that the price locally fell below/above the control level, but the quote failed to stay behind its aisles.

The process of price fluctuations in a closed amplitude leads to the so-called process of accumulation of trading forces in the market, where a sharp price change towards the breakdown of one or another limit of the amplitude will occur.

The GBP/USD continued to restore the downward course relative to the corrective movement from June 21-23, where the volume of short positions is gradually increasing.

• Short positions or Short means positions to sell in anticipation of a decline in the value of the asset.

In our case, we are talking about building up positions to sell the pound sterling in anticipation of its further weakening.

Trading recommendation for EUR/USD and GBP/USD on June 29, 2021

Today, the United Kingdom will publish its data on the UK lending market, where fairly positive statistics are predicted.

• The volume of mortgage lending in the period of May may rise from 3.30 billion pounds to 4.58 billion pounds.
• The number of approved mortgage loans in May may reach 85.9 thousand.
• The volume of consumer lending by the Bank of England of May may grow by 240 million pounds.

8:30 Universal time - UK lending market

The volume of mortgage lending is net lending secured by housing, includes temporary loans provided by banks and other special lenders. The growth of the indicator is considered a positive signal that can lead to the strengthening of the national currency.

The number of approved mortgages is the number of permits for obtaining a mortgage. This indicator is considered an important indicator of the housing market. The growth of mortgage loans signals a good state of the housing market, and this stimulates overall economic growth.

The volume of consumer lending is an indicator for individuals who have taken out a consumer loan. This indicator reflects how much consumers can afford large purchases. This is a kind of indicator of the state of the economy.

Looking at the EUR/USD trading chart, one can see that the sideways price movement in the established range is still in the market, but considering the recent puncture of the lower border by the candle shadow, we have a slight adjustment of the range 1.1910/1.1975 ----> 1.1900/1.1980.

Let's concretize the recommendation into trading signals:

1. Buy positions will be considered if the price is kept above the level of 1.1980.
2. Sell positions will be considered if the price is kept below the level of 1.1900.

It is worth considering that the breakdown of a particular range border should be confirmed on the H4 time frame.

As for the trading chart of the GBP/USD, it shows that there is a slight slowing process within the base on June 22, but if the price is kept below the level of 1.3850, a recovery move will most likely direct the quote towards the range of 1.3825-1.3785.