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

• UK CBI Reported Sales and CBI Total Distributed Reported Sales: UK CBI Reported Sales for March are predicted at 5 and CBI Total Distributed Reported Sales are predicted at 19. Forex traders can compare this to UK CBI Reported Sales for February which were reported at 0 and to CBI Total Distributed Reported Sales which were reported at 14.
• UK House of Commons Indicative Votes: After wrestling control over Brexit away from PM May, MPs will hold a series if indicative votes this evening in order to see which Brexit proposals, if any, carry a majority in Parliament. Several motions are gaining support, these include a Norway type of trade deal as well as a modified single-market/customs union. For the time being, the EU only accepts the deal negotiated with May’s team over the past two years.

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

• New Zealand RBNZ Interest Rate Decision: The New Zealand RBNZ kept interest rates at 1.75%. Economists predicted interest rates at 1.75%. Forex traders can compare this to the previous New Zealand RBNZ Interest Rate Decision where interest rates were left unchanged at 1.75%.
• Chinese Industrial Profits: Chinese Industrial Profits for February decreased by 14.0% annualized. Forex traders can compare this to Chinese Industrial Profits for January which decreased by 1.9% annualized.

Should price action for the GBPNZD remain inside the or breakdown below the 1.9320 to 1.9430 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.9380
• Take Profit Zone: 1.8760 – 1.8870
• Stop Loss Level: 1.9530

Should price action for the GBPNZD breakout above 1.9430 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.9475
• Take Profit Zone: 1.9635 – 1.9715
• Stop Loss Level: 1.9380

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