Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for February was reported at -£10.203B. Economists predicted a figure of -£11.900B. Forex traders can compare this to the UK Visible Trade Balance for January which was reported at -£12.228B. The UK Trade Balance Non EU for February was reported at -£2.237B. Economists predicted a figure of -£4.400B. Forex traders can compare this to the UK Trade Balance Non EU for January which was reported at -£4.037B. The UK Total Trade Balance for February was reported at -£0.965B. Economists predicted a figure of -£2.600B. Forex traders can compare this to the UK Total Trade Balance for January which was reported at -£2.949B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for February increased by 0.1% monthly and by 2.2% annualized. Economists predicted an increase of 0.4% monthly and of 2.9% annualized. Forex traders can compare this to UK Industrial Production for January which increased by 1.3% monthly and by 1.2% annualized. UK Manufacturing Production for February decreased by 0.2% monthly and increased by 2.5% annualized. Economists predicted an increase of 0.2% monthly and of 3.3% annualized. Forex traders can compare this to UK Manufacturing Production for January which increased by 0.1% monthly and by 2.2% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for February decreased by 1.6% monthly and by 3.0% annualized. Economists predicted an increase of 0.7% monthly and a decrease of 2.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for January which decreased by 3.1% monthly and by 2.1% annualized.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for March is predicted to increase by 0.3% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for February which increased by 0.3% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for March is predicted flat at 0.0% monthly and to increase by 2.4% annualized. Forex traders can compare this to the US CPI for February which increased by 0.2% monthly and by 2.2% annualized. The US Core CPI for March is predicted to increase by 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the US Core CPI for February which increased by 0.2% monthly by 1.8% annualized.
- US Monthly Budget Statement: The US Monthly Budget Statement for March is predicted at -$185.0B. Forex traders can compare this to the US Monthly Budget Statement for February which was reported at -$215.2B.
Should price action for the GBPUSD remain inside the or breakout above the 1.4175 to 1.4220 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4190
- Take Profit Zone: 1.4345 – 1.4400
- Stop Loss Level: 1.4130
Should price action for the GBPUSD breakdown below 1.4175 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4150
- Take Profit Zone: 1.4000 – 1.4060
- Stop Loss Level: 1.4200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
