Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Business Optimism, UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Business Optimism for April is predicted at -16. Forex traders can compare this to UK CBI Business Optimism for March which was reported at -23. UK CBI Trends Total Orders for April are predicted at 3 and UK CBI Trends Selling Prices are predicted at 6. Forex traders can compare this to UK CBI Trends Total Orders for March which was reported at 1 and to UK CBI Trends Selling Prices which were reported at 7.
Here are the key factors to keep in mind today for US Dollar trades:
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for March are predicted to increase by 0.8% monthly and Durables Excluding Transportation are predicted to increase by 0.2% monthly. Forex traders can compare this to US Durable Goods Orders for February which decreased by 1.6% monthly and to Durables Excluding Transportation which decreased by 0.1% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for March are predicted to increase by 0.1% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for February which decreased by 0.1% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which decreased by 0.1% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 20th are predicted at 200K and US Continuing Claims for the week of April 13th are predicted at 1,682K. Forex traders can compare this to US Initial Jobless Claims for the week of April 13th which were reported at 192K and to US Continuing Claims for the week of April 6th which were reported at 1,653K.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for April is predicted at 9. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for March which was reported at 10.
Should price action for the GBPUSD remain inside the or breakout above the 1.2860 to 1.2925 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2890
- Take Profit Zone: 1.3130 – 1.3215
- Stop Loss Level: 1.2830
Should price action for the GBPUSD breakdown below 1.2860 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2830
- Take Profit Zone: 1.2670 – 1.2710
- Stop Loss Level: 1.2890
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
