Here are the key factors to keep in mind today for British Pound trades:
- British GDP: The British Preliminary GDP for the fourth-quarter increased by 0.7% quarterly and by 2.0% annualized. Economists predicted an increase of 0.6% quarterly and of 2.2% annualized. Forex traders can compare this to the previous fourth-quarter GDP which increased by 0.6% quarterly and by 2.2% annualized. Private Consumption for the fourth-quarter increased by 0.7% quarterly, Government Spending by 0.2% quarterly and Gross Fixed Capital Formation was reported flat at 0.0% quarterly. Economists predicted an increase of 0.6% quarterly, of 0.1% quarterly and of 0.2% quarterly. Forex traders can compare this to the previous fourth-quarter Private Consumption which increased by 0.7% quarterly, to Government Spending which was reported flat at 0.0% quarterly and to Gross Fixed Capital Formation which increased by 0.9% quarterly. British Exports increased by 4.1% quarterly and British Imports decreased by 0.4% quarterly. Economists predicted an increase of 2.0% quarterly and of 0.5% quarterly. Forex traders can compare this to the previous fourth-quarter British Exports which decreased by 2.6% quarterly and to British Imports which increased by 1.3% quarterly.
- British Index of Services: British Index of Services for December increased by 0.2% monthly and by 0.8% for the three-month-over-three-month period ending in December. Economists predicted an increase of 0.1% monthly and of 0.8% tri-monthly. Forex traders can compare this to the British Index of Services for November which increased by 0.3% monthly by 0.9% for the three-month-over-three-month period ending in November.
- British Total Business Investment: British Preliminary Total Business Investment for the fourth-quarter decreased by 1.0% quarterly and by 0.9% annualized. Economists predicted an increase of 0.1% quarterly and of 0.3% annualized. Forex traders can compare this to the previous British Total Business Investment for the fourth-quarter which increased by 0.7% quarterly and by 2.3% annualized.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for January increased by 0.03% monthly. Forex traders can compare this to the Australian Westpac Leading Index for December which increased by 0.43%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for January increased 1.0% monthly. Forex traders can compare this to Australian Skilled Vacancies for December which increased by 1.4%.
- Australian Wage Cost Index: The Australian Wage Cost Index for the fourth-quarter increased by 0.5% quarterly and by 1.9% annualized. Economists predicted an increase of 0.5% quarterly and of 1.9% annualized. Forex traders can compare this to the Australian Wage Cost Index for the third-quarter which increased by 0.4% quarterly and by 1.9% annualized.
- Australian Construction Work Done: Australian Construction Work Done for the fourth-quarter decreased by 0.2% quarterly. Economists predicted an increase of 0.5% quarterly. Forex traders can compare this to Australian Construction Work Done for the third-quarter which decreased by 4.4% quarterly.
Should price action for the GBPAUD remain inside the or breakout above the 1.6175 to 1.6275 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6200
- Take Profit Zone: 1.7050 – 1.7150
- Stop Loss Level: 1.6000
Should price action for the GBPAUD breakdown below 1.6175 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6125
- Take Profit Zone: 1.5875 – 1.6025
- Stop Loss Level: 1.6275
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
