Here are the key factors to keep in mind today for British Pound trades:
- UK GDP: The UK Preliminary GDP for March is predicted to flat at 0.0% monthly. Forex traders can compare this to the UK GDP for February which increased by 0.2% monthly. The UK Preliminary GDP for the first-quarter is predicted to increase by 0.5% quarterly and by 1.8% annualized. Forex traders can compare this to the fourth-quarter GDP which increased by 0.2% quarterly and by 1.4% annualized. Private Consumption for the first-quarter is predicted to increase by 0.5% quarterly, Government Spending is predicted to increase by 0.4% quarterly and Gross Fixed Capital Formation is predicted to decrease by 0.4% quarterly. Forex traders can compare this to fourth-quarter Private Consumption which increased by 0.3% quarterly, to Government Spending which increased by 1.3% quarterly and to Gross Fixed Capital Formation which decreased by 0.6% quarterly. UK Exports for the first-quarter are predicted to increase by 1.7% quarterly and UK Imports are predicted to increase by 4.5% quarterly. Forex traders can compare this to fourth-quarter UK Exports which increased by 1.6% quarterly and to UK Imports which increased by 2.1% quarterly. UK Total Business Investment for the first-quarter is predicted to decrease by 0.7% quarterly and by 2.7% annualized. Forex traders can compare this to UK Total Business Investment for the fourth-quarter which decreased by 0.9% quarterly and by 2.5% annualized.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for March is predicted to increase by 0.1% monthly and by 0.4% annualized. Forex traders can compare this to UK Industrial Production for February which increased by 0.6% monthly and by 0.1% annualized. UK Manufacturing Production for March is predicted flat at 0.0% monthly and to increase by 1.1% annualized. Forex traders can compare this to UK Manufacturing Production for February which increased by 0.9% monthly and by 0.6% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for March is predicted to decrease by 0.9% monthly and to increase by 4.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for February which increased by 0.4% monthly and by 3.3% annualized.
- UK Trade Balance: The UK Visible Trade Balance for March is predicted at -£13.750B. Forex traders can compare this to the UK Visible Trade Balance for February which was reported at -£14.112B. The UK Trade Balance Non EU for March is predicted at -£5.400B. Forex traders can compare this to the UK Trade Balance Non EU for February which was reported at -£5.841B. The UK Total Trade Balance for March is predicted at -£4.600B. Forex traders can compare this to the UK Total Trade Balance for February which was reported at -£4.860B.
- UK Index of Services: The UK Index of Services for March is predicted to increase by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in March. Forex traders can compare this to the UK Index of Services for February which increased by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in February.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for April is predicted to increase by 0.4% monthly and by 2.1% annualized. Forex traders can compare this to the US CPI for March which increased by 0.4% monthly and by 1.9% annualized. The US Core CPI for April is predicted to increase by 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the US Core CPI for March which increased by 0.1% monthly by 2.0% annualized.
- US Real Average Hourly Earnings: US Real Average Hourly Earnings for April are predicted to increase by 0.2% monthly and by 1.5% annualized. Forex traders can compare this to US Real Average Hourly Earnings for March which decreased by 0.1% monthly and which increased by 1.3% annualized.
- US Monthly Budget Statement: The US Monthly Budget Statement for April is predicted at $160.0B. Forex traders can compare this to the US Monthly Budget Statement for March which was reported at -$146.9B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2970 to 1.3035 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3000
- Take Profit Zone: 1.3285 – 1.3380
- Stop Loss Level: 1.2900
Should price action for the GBPUSD breakdown below 1.2970 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2940
- Take Profit Zone: 1.2695 – 1.2770
- Stop Loss Level: 1.3000
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
