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 August decreased by 0.2% monthly and increased by 6.9% tri-monthly annualized. Economists predicted a decrease of 0.1% monthly and an increase of 7.0% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for July which decreased by 1.0% monthly and which increased by 8.4% tri-monthly annualized.
- British Industrial Production and British Manufacturing Production: British Industrial Production for July is predicted to decrease by 0.2% monthly and to increase by 1.9% annualized. Forex traders can compare this to British Industrial Production for June which increased by 0.1% monthly and by 1.6% annualized. British Manufacturing Production for July is predicted to decrease by 0.3% monthly and to increase by 1.7% annualized. Forex traders can compare this to British Manufacturing Production for June which decreased by 0.3% monthly and which increased by 0.9% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for August is predicted to increase by 0.3% monthly. Forex traders can compare this to the British NIESR GDP Estimate for July which increased by 0.3% monthly.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Construction Index: The Australian AiG Performance of Construction Index for August was reported at 46.6. Forex traders can compare this to the Australian AiG Performance of Services Index for July which was reported at 51.6.
- Australian GDP: The Australian GDP for the second-quarter increased by 0.5% quarterly and by 3.3% annualized. Economists predicted an increase of 0.6% quarterly and of 3.3% annualized. Forex traders can compare this to the Australian GDP for the first-quarter which increased by 1.0% quarterly and by 3.0% annualized.
Should price action for the GBPAUD remain inside the or breakout above the 1.7500 to 1.7550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7525
- Take Profit Zone: 1.8300 – 1.8500
- Stop Loss Level: 1.7375
Should price action for the GBPAUD breakdown below 1.7500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7450
- Take Profit Zone: 1.7000 – 1.7100
- Stop Loss Level: 1.7500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
