Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for July decreased by 0.1% monthly and increased by 2.6% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 2.7% annualized. Forex traders can compare this to the UK CPI for June which was reported flat at 0.0% monthly and which increased by 2.6% annualized. The Core CPI for July increased by 2.4% annualized. Economists predicted and increase of 2.5% annualized. Forex traders can compare this to Core CPI for June which increased by 2.4% annualized.
- UK PPI: The UK PPI Input for July was reported flat at 0.0% monthly and increased by 6.5% annualized. Economists predicted an increase of 0.4% monthly and of 6.9% annualized. Forex traders can compare this to the UK PPI Input for June which decreased by 0.3% monthly and which increased by 10.0% annualized. The UK PPI Output for July increased by 0.1% monthly and 3.2% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 3.1% annualized. Forex traders can compare this to the UK PPI Output for June which was reported flat at 0.0% monthly and which increased by 3.3% annualized. The UK PPI Core Output for July increased by 0.1% monthly and by 2.4% annualized. Economists predicted an increase of 0.1% monthly and of 2.5% annualized. Forex traders can compare this to the UK PPI Core Output for June which increased by 0.2% monthly and by 2.9% annualized.
- UK RPI: The UK RPI for July increased by 0.2% monthly and by 3.6% annualized. Economists predicted an increase of 0.1% monthly and of 3.5% annualized. Forex traders can compare this to the UK RPI for June which increased by 0.2% monthly and by 3.5% annualized. The UK RPI Excluding Mortgage Interest Payments for July increased by 3.9% annualized. Economists predicted an increase of 3.7% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for June which increased by 3.8% annualized.
- UK House Price Index: The UK House Price Index for June increased by 4.9% annualized. Economists predicted an increase of 4.3% annualized. Forex traders can compare this to the UK House Price Index for May which increased by 5.0% annualized.
Here is the key factor to keep in mind today for US Dollar trades:
- US Import Price Index: The US Import Price Index for July is predicted to increase by 0.1% monthly and by 1.3% annualized. Forex traders can compare this to the US Import Price Index for June which decreased by 0.2% monthly and which increased by 1.5% annualized. The US Import Price Index excluding Petroleum for July is predicted to increase by 0.1% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for June which increased by 0.1% monthly.
- US Empire Manufacturing Index: The US Empire Manufacturing Index for August is predicted at 10.0. Forex traders can compare this to the US Empire Manufacturing Index for July which was reported at 9.8.
- US Advanced Retail Sales: US Advanced Retail Sales for July are predicted to increase by 0.4% monthly and Retail Sales Less Autos are predicted to increase by 0.3% monthly. Forex traders can compare this to US Advanced Retail Sales for June which decreased by 0.2% monthly and to Retail Sales Less Autos which decreased by 0.2% monthly. Retail Sales Less Autos and Gas for July are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for June which decreased by 0.1% monthly and to Retail Sales Control Group which decreased by 0.1% monthly.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for August is predicted at 64. Forex traders can compare this to the US NAHB Housing Market Index for July which was reported at 64.
- US Business Inventories: US Business Inventories for June are predicted to increase by 0.4% monthly. Forex traders can compare this to US Business Inventories for May which increased by 0.3% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2900 to 1.2940 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2920
- Take Profit Zone: 1.3220 – 1.3270
- Stop Loss Level: 1.2820
Should price action for the GBPUSD breakdown below 1.2900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2880
- Take Profit Zone: 1.2670 – 1.2700
- Stop Loss Level: 1.2940
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
