Here are the key factors to keep in mind today for British Pound trades:

• UK BRC Shop Price Index: The UK BRC Shop Price Index for April increased by 0.4% annualized. Forex traders can compare this to the UK BRC Shop Price Index March which increased by 0.9% annualized.
• UK Nationwide House Prices: UK Nationwide House Prices for April increased by 0.4% monthly and by 0.9% annualized. Economists predicted an increase of 0.1% monthly and of 0.7% annualized. Forex traders can compare this to UK Nationwide House Prices for March which increased by 0.2% monthly and by 0.7% annualized.
• UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for March is predicted at £1.0B and Net Lending Securities on Dwellings is predicted at £3.5B. Forex traders can compare this to UK Net Consumer Credit for February which was reported at £1.1B and to Net Lending Securities on Dwellings which was reported at £3.5B.
• UK Mortgage Approvals: UK Mortgage Approvals for March are predicted at 64.4K. Forex traders can compare this to UK Mortgage Approvals for February which were reported at 64.3K.
• UK M4 Money Supply: UK M4 Money Supply for March is predicted to increase by 0.3% monthly and by 1.4% annualized. Forex traders can compare this to UK M4 Money Supply for February which increased by 0.3% monthly and by 1.2% annualized. UK M4 Money Supply excluding IOFCs 3-Month Annualized for March is predicted to increase by 2.4% annualized. Forex traders can compare this to UK M4 Money Supply excluding IOFCs 3-Month Annualized for February which increased by 2.3% annualized.
• UK Markit Manufacturing PMI: The UK Markit Manufacturing PMI for April is predicted at 53.1. Forex traders can compare this to the UK Markit Manufacturing PMI for March which was reported at 55.1.

Here are the key factors to keep in mind today for Australian Dollar trades:

• Australian AiG Performance of Manufacturing Index: The Australian AiG Performance of Manufacturing Index for April was reported at 54.8. Forex traders can compare this to the Australian AiG Performance of Manufacturing Index for March which was reported at 51.0.
• Australian CBA Manufacturing PMI: The Final Australian CBA Manufacturing PMI for April was reported at 50.9. Economists predicted a figure of 51.0. Forex traders can compare this to the previous Australian CBA Manufacturing PMI for April which was reported at 51.0.
• Australian CoreLogic House Prices: Australian CoreLogic House Prices for April decreased by 0.5% monthly. Forex traders can compare this to Australian CoreLogic House Prices for March which decreased by 0.7% monthly.
• Australian RBA Commodity Index: The Australian RBA Commodity Index for April increased by 14.4% annualized. Forex traders can compare this to the Australian RBA Commodity Index for March which increased by 11.0% annualized.

Should price action for the GBPAUD remain inside the or breakdown below the 1.8450 to 1.8535 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.8490
• Take Profit Zone: 1.7990 – 1.8100
• Stop Loss Level: 1.8730

Should price action for the GBPAUD breakout above 1.8535 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.8620
• Take Profit Zone: 1.8860 – 1.9030
• Stop Loss Level: 1.8535

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.