Here are the key factors to keep in mind today for British Pound trades:
- British Halifax House Price Index: The British Halifax House Price Index for November increased by 0.2% monthly and by 6.0% tri-monthly annualized. Economists predicted an increase of 0.2% monthly and of 5.9% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for October which increased by 1.4% monthly and by 5.2% tri-monthly annualized.
- British Industrial Production and British Manufacturing Production: British Industrial Production for October decreased by 1.3% monthly and by 1.1% annualized. Economists predicted an increase of 0.2% monthly and of 0.5% annualized. Forex traders can compare this to British Industrial Production for September which decreased by 0.4% monthly and which increased by 1.4% annualized. British Manufacturing Production for October decreased by 0.9% monthly and by 0.4% annualized. Economists predicted an increase of 0.2% monthly and of 0.7% annualized. Forex traders can compare this to British Manufacturing Production for September which increased by 0.6% monthly and by 0.1% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for November is predicted to increase by 0.4% monthly. Forex traders can compare this to the British NIESR GDP Estimate for October which increased by 0.4% monthly.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian GDP: The Australian GDP for the third-quarter decreased by 0.5% quarterly and increased by 1.8% annualized. Economists predicted a decrease of 0.1% quarterly and an increase of 2.2% annualized. Forex traders can compare this to the Australian GDP for the second-quarter which increased by 0.6% quarterly and by 3.1% annualized.
- Australian Foreign Reserves: Australian Foreign Reserves for November were reported at A$69.9B. Forex traders can compare this to Australian Foreign Reserves for October which were reported at A$64.9B.
Should price action for the GBPAUD remain inside the or breakout above the 1.6925 to 1.6975 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6950
- Take Profit Zone: 1.7750 – 1.7600
- Stop Loss Level: 1.6700
Should price action for the GBPAUD breakdown below 1.6925 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6875
- Take Profit Zone: 1.6000 – 1.6100
- Stop Loss Level: 1.6975
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
