Here are the key factors to keep in mind today for British Pound trades:
- UK GDP: The UK Preliminary GDP for December is predicted to flat at 0.0% monthly. Forex traders can compare this to the UK GDP for November which increased by 0.2% monthly. The UK Preliminary GDP for the fourth-quarter is predicted to increase by 0.3% quarterly and by 1.4% annualized. Forex traders can compare this to the third-quarter GDP which increased by 0.6% quarterly and by 1.5% annualized. Private Consumption for the fourth-quarter is predicted to increase by 0.3% quarterly, Government Spending is predicted to increase by 0.5% quarterly and Gross Fixed Capital Formation is predicted to decrease by 0.2% quarterly. Forex traders can compare this to third-quarter Private Consumption which increased by 0.5% quarterly, to Government Spending which increased by 0.6% quarterly and to Gross Fixed Capital Formation which increased by 0.8% quarterly. UK Exports for the fourth-quarter are predicted to increase by 1.0% quarterly and UK Imports are predicted to increase by 1.0% quarterly. Forex traders can compare this to third-quarter UK Exports which increased by 2.7% quarterly and to UK Imports which were reported flat at 0.0% quarterly. UK Total Business Investment for the fourth-quarter is predicted to decrease by 1.0% quarterly and by 3.0% annualized. Forex traders can compare this to UK Total Business Investment for the third-quarter which decreased by 1.1% quarterly and by 1.8% annualized.
- UK Trade Balance: The UK Visible Trade Balance for December is predicted at -£11.946B. Forex traders can compare this to the UK Visible Trade Balance for November which was reported at -£12.023B. The UK Trade Balance Non EU for December is predicted at -£3.800B. Forex traders can compare this to the UK Trade Balance Non EU for November which was reported at -£3.925B. The UK Total Trade Balance for December is predicted at -£3.100B. Forex traders can compare this to the UK Total Trade Balance for November which was reported at -£2.904B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for December is predicted to increase by 0.1% monthly and to decrease by 0.5% annualized. Forex traders can compare this to UK Industrial Production for November which decreased by 0.4% monthly and by 1.5% annualized. UK Manufacturing Production for December is predicted to increase by 0.2% monthly and to decrease by 1.1% annualized. Forex traders can compare this to UK Manufacturing Production for November which decreased by 0.3% monthly and by 1.1% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for December is predicted to increase by 0.1% monthly and by 1.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for November which increased by 0.6% monthly and by 3.0% annualized.
- UK Index of Services: The UK Index of Services for December is predicted flat at 0.0% monthly and to increase by 0.4% for the three-month-over-three-month period ending in December. Forex traders can compare this to the UK Index of Services for November which increased by 0.3% monthly and by 0.3% for the three-month-over-three-month period ending in November.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss CPI: The Swiss CPI for January decreased by 0.3% monthly and increased by 0.6% annualized. Economists predicted a decrease of 0.3% monthly and an increase of 0.6% annualized. Forex traders can compare this to the Swiss CPI for December which decreased by 0.3% monthly and which increased by 0.7% annualized. The Swiss Core CPI for January increased by 0.3% annualized. Economists predicted an increase of 0.3%. Forex traders can compare this this to the Swiss Core CPI for December which increased by 0.3% annualized. The Swiss EU Harmonized CPI for January decreased by 0.2% monthly and increased by 0.5% annualized. Economists predicted a decrease of 0.2% monthly and an increase of 0.5% annualized. Forex traders can compare this to the Swiss EU Harmonized CPI for December which was reported flat at 0.0% monthly and which increased by 0.8% annualized.
Should price action for the GBPCHF remain inside the or breakout above the 1.2885 to 1.2930 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2915
- Take Profit Zone: 1.3170 – 1.3265
- Stop Loss Level: 1.2825
Should price action for the GBPCHF breakdown below 1.2885 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2850
- Take Profit Zone: 1.2645 – 1.2730
- Stop Loss Level: 1.2915
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