Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Industrial Production for February increased by 1.6% monthly and by 16.4% annualized. Economists predicted a decrease of 2.9% and an increase of 16.5%. Forex traders can compare this to Singapore Industrial Production for January, which increased by 4.3% monthly and 9.2% annualized.
The forecast for the GBP/SGD remains bullish after a healthy correction eased extreme overbought conditions. With the Kijun-sen and the Tenkan-sen converging into a flatline, short-term volatility may rise before this currency pair resumes its uptrend. The Ichimoku Kinko Hyo Cloud continues to ascend, lending support for more upside in price action. Adding to bullish developments is the CCI, which surged out of extreme oversold territory and possesses plenty of upside potential. Can bulls capitalize on recent developments and rally the GBP/SGD into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
UK Retail Sales for February are predicted to increase by 2.1% monthly and to decrease by 3.5% annualized. Forex traders can compare this to UK Retail Sales for January, which decreased by 8.2% monthly and 5.9% annualized. UK Core Retail Sales for February are predicted to increase by 1.9% monthly and to decrease by 1.5% annualized. Forex traders can compare this to UK Core Retail Sales for January, which decreased by 8.8% monthly and 3.8% annualized.
Should price action for the GBP/SGD remain inside the or breakout above the 1.8445 to 1.8565, zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8515
- Take Profit Zone: 1.8975 – 1.9120
- Stop Loss Level: 1.8370
Should price action for the GBP/SGD breakdown below 1.8445, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8370
- Take Profit Zone: 1.8100 – 1.8180
- Stop Loss Level: 1.8445
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
