Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for March was reported at 25.5K and the Claimant Count Rate was reported at 2.2%. Economists predicted a reading of -3.0K and 2.1%. Forex traders can compare this to the UK Jobless Claims Change for February which were reported at -11.3K and the Claimant Count Rate which was reported at 2.1%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in February was reported at 39K and the ILO Unemployment Rate was reported at 4.7%. Economists predicted a reading of 68K and 4.7%. Forex traders can compare this to the UK Employment Change for January which was reported at 92K and to the ILO Unemployment Rate which was reported at 4.7%. Average Weekly Earnings for the tri-monthly period ending in February increased by 2.3% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.2% annualized. Economists predicted an increase of 2.2% and of 2.1%. Forex traders can compare this to Average Weekly Earnings for January which increased by 2.2% and Average Weekly Earnings Excluding Bonuses which increased by 2.3%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Import Price Index: The US Import Price Index for March is predicted to decrease by 0.3% monthly and to increase by 3.9% annualized. Forex traders can compare this to the US Import Price Index for February which increased by 0.2% monthly and by 4.6% annualized. The US Import Price Index excluding Petroleum for March is predicted flat at 0.0% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for February which increased by 0.3% monthly.
- US Monthly Budget Statement: The US Monthly Budget Statement for March is predicted at -$158.5B. Forex traders can compare this to the US Monthly Budget Statement for February which was reported at -$108.0B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2475 to 1.2525 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2500
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.2400
Should price action for the GBPUSD breakdown below 1.2475 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2425
- Take Profit Zone: 1.2200 – 1.2250
- Stop Loss Level: 1.2525
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
