Here are the key factors to keep in mind today for British Pound trades:
- British Lloyds Business Barometer: The British Lloyds Business Barometer for December was reported at 39. Forex traders can compare this to the British Lloyds Business Barometer for November which was reported at 32.
- British GDP and British Total Business Investment: The final British GDP for the third-quarter increased by 0.6% quarterly and by 2.2% annualized. Economists predicted an increase of 0.5% quarterly and of 2.3% annualized. Forex traders can compare this to the previous British GDP for the third-quarter which increased by 0.5% quarterly and by 2.3% annualized. Final British Total Business Investment for the third-quarter increased by 0.4% quarterly and decreased by 2.2% annualized. Economists predicted an increase of 0.9% quarterly and a decrease of 1.6% annualized. Forex traders can compare this to the previous British Total Business Investment for the third-quarter which increased by 0.9% quarterly and which decreased by 1.6% annualized.
- British Current Account: The British Current Account for the third-quarter was reported at -£25.5B. Economists predicted a figure of -£28.2B. Forex traders can compare this to the British Current Account for the second-quarter which was reported at -£22.1B.
- British Index of Services: British Index of Services for October increased by 0.3% monthly and by 1.0% for the three-month-over-three-month period ending in October. Economists predicted an increase of 0.2% monthly and of 0.8% tri-monthly. Forex traders can compare this to the British Index of Services for September which increased by 0.2% monthly by 1.0% for the three-month-over-three-month period ending in September.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for October is predicted flat at 0.0% monthly and to increase by 1.8% annualized. Forex traders can compare this to the Canadian GDP for September which increased by 0.3% monthly and by 1.9% annualized.
Should price action for the GBPCAD remain inside the or breakout above the 1.6525 to 1.6575 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6550
- Take Profit Zone: 1.6950 – 1.7000
- Stop Loss Level: 1.6425
Should price action for the GBPCAD breakdown below 1.6525 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6475
- Take Profit Zone: 1.6200 – 1.6250
- Stop Loss Level: 1.6525
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