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 is predicted at 20.0K and the Claimant Count Rate is predicted at 2.9%. Forex traders can compare this to the UK Jobless Claims Change for February which was reported at 27.0K and to the Claimant Count Rate which was reported at 2.9%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in February is predicted at 173K and the ILO Unemployment Rate is predicted at 4.0%. Forex traders can compare this to the UK Employment Change for January which was reported at 222K and to the ILO Unemployment Rate which was reported at 3.9%. Average Weekly Earnings for the tri-monthly period ending in February are predicted to increase by 3.5% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 3.4% annualized. Forex traders can compare this to Average Weekly Earnings for January which increased by 3.4% and Average Weekly Earnings Excluding Bonuses which increased by 3.4%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Industrial Production and Manufacturing Production: US Industrial Production for March is predicted to increase by 0.3% monthly and Manufacturing Production is predicted to increase by 0.2% monthly. Forex traders can compare this to US Industrial Production for February which increased by 0.1% monthly and to Manufacturing Production which decreased by 0.4% monthly. Capacity Utilization for March is predicted at 79.2%. Forex traders can compare this to Capacity Utilization for February which was reported at 78.2%.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for April is predicted at 64. Forex traders can compare this to the US NAHB Housing Market Index for March which was reported at 62.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3065 to 1.3130 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3090
- Take Profit Zone: 1.2770 – 1.2855
- Stop Loss Level: 1.3200
Should price action for the GBPUSD breakout above 1.3130 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3160
- Take Profit Zone: 1.3330 – 1.3380
- Stop Loss Level: 1.3090
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
