Here are the key factors to keep in mind today for British Pound trades:
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for March were reported at 37,570. Economists predicted a figure of 37,150. Forex traders can compare this to UK BBA Loans for House Purchase for February which were reported at 38,035.
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for April are predicted at -3 and CBI Total Distributed Reported Sales are predicted at 9. Forex traders can compare this to UK CBI Retailing Reported Sales for March which were reported at -8 and to CBI Total Distributed Reported Sales which were reported at 5.
Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 21st are predicted at 230K and US Continuing Claims for the week of April 14th are predicted at 1,850K. Forex traders can compare this to US Initial Jobless Claims for the week of April 14th which were reported at 232K and to US Continuing Claims for the week of April 7th which were reported at 1,863K.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for March is predicted at -$75.0B. Forex traders can compare this to the US Advanced Goods Trade Balance for February which was reported at -$75.9B.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for March are predicted to increase by 0.7% monthly. Forex traders can compare this to US Wholesale Inventories for February which increased by 1.0% monthly.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for March are predicted to increase by 1.6% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for February which increased by 3.0% monthly and to Durables Excluding Transportation which increased by 1.0% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for March are predicted to increase by 0.6% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.4% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for February which increased by 1.4% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 1.4% monthly.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for April is predicted at 17. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for March which was reported at 17.
Should price action for the GBPUSD remain inside the or breakout above the 1.3895 to 1.3950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3920
- Take Profit Zone: 1.4335 – 1.4375
- Stop Loss Level: 1.3775
Should price action for the GBPUSD breakdown below 1.3895 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3880
- Take Profit Zone: 1.3460 – 1.3535
- Stop Loss Level: 1.3950
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
