Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for June increased by 0.5% monthly and by 0.3% annualized. Economists predicted an increase of 0.1% monthly and a decrease of 0.1% annualized. Forex traders can compare this to UK Industrial Production for May which decreased by 0.1% monthly and which was reported flat at 0.0% annualized. UK Manufacturing Production for June was reported flat at 0.0% monthly and increased by 0.6% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 0.6% annualized. Forex traders can compare this to UK Manufacturing Production for May which decreased by 0.1% monthly and which increased by 0.3% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for June decreased by 0.1% monthly and increased by 0.9% annualized. Economists predicted an increase of 1.4% monthly and of 1.8% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for May which decreased by 0.4% monthly and which increased by 0.5% annualized.
- UK Trade Balance: The UK Visible Trade Balance for June was reported at -£12.720B. Economists predicted a figure of -£11.000B. Forex traders can compare this to the UK Visible Trade Balance for May which was reported at -£11.310B. The UK Trade Balance Non EU for June was reported at -£4.470B. Economists predicted a figure of -£3.000B. Forex traders can compare this to the UK Trade Balance Non EU for May which was reported at -£3.490B. The UK Total Trade Balance for June was reported at -£4.564B. Economists predicted a figure of -£2.500B. Forex traders can compare this to the UK Total Trade Balance for May which was reported at -£2.516B.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for July is predicted to increase by 0.3% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for June which increased by 0.3% monthly.
Here is the key factor to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of August 5th are predicted at 240K and US Continuing Claims for the week of July 29th are predicted at 1,960K. Forex traders can compare this to US Initial Jobless Claims for the week of July 29th which were reported at 240K and US Continuing Claims for the week of July 22nd which were reported at 1,968K.
- US PPI: The US PPI for July is predicted to increase by 0.1% monthly and by 2.2% annualized. Forex traders can compare this to the US PPI for June which was increase by 0.1% monthly and by 2.0% annualized. The US Core PPI for July is predicted to increase by 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the US Core PPI for June which increased by 0.1% monthly and by 1.9% annualized. The US Core PPI ex Trade for November is predicted to increase by 0.2% monthly and by 1.8% annualized. Forex traders can compare this to the US Core PPI ex Trade for June which increased by 0.2% monthly and by 2.0% annualized.
- US Monthly Budget Statement: The US Monthly Budget Statement for July is predicted at -$52.0B. Forex traders can compare this to the US Monthly Budget Statement for June which was reported at -$90.2B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2980 to 1.3020 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3000
- Take Profit Zone: 1.3300 – 1.3340
- Stop Loss Level: 1.2880
Should price action for the GBPUSD breakdown below 1.2980 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2850
- Take Profit Zone: 1.2680 – 1.2720
- Stop Loss Level: 1.2980
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