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 October was reported flat at 0.0% monthly and increased by 3.6% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 3.5% annualized. Forex traders can compare this to UK Industrial Production for September which increased by 0.7% monthly and by 2.5% annualized. UK Manufacturing Production for October increased by 0.1% monthly and by 3.9% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 3.8% annualized. Forex traders can compare this to UK Manufacturing Production for September which increased by 0.7% monthly and by 2.7% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for October decreased by 1.7% monthly and by 0.2% annualized. Economists predicted an increase of 0.1% monthly and of 1.8% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for September which decreased by 1.6% monthly and which increased by 1.1% annualized.
- UK Trade Balance: The UK Visible Trade Balance for October was reported at -£10.781B. Economists predicted a figure of -£11.500B. Forex traders can compare this to the UK Visible Trade Balance for September which was reported at -£10.453B. The UK Trade Balance Non EU for October was reported at -£2.382B. Economists predicted a figure of -£3.300B. Forex traders can compare this to the UK Trade Balance Non EU for September which was reported at -£2.993B. The UK Total Trade Balance for October was reported at -£1.405B. Economists predicted a figure of -£3.000B. Forex traders can compare this to the UK Total Trade Balance for September which was reported at -£1.141B.
- Bank of England/TNS Inflation Expectations 12 Months: Bank of England/TNS Inflation Expectations 12 Months for November are expected at 2.9%. Forex traders can compare this to Bank of England/TNS Inflation Expectations 12 Months for October which were reported at 2.8%.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for November is predicted to increase by 0.4% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for December which increased by 0.5% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for November is predicted to show 195K job additions and an unemployment rate of 4.1%. Forex traders can compare this to the US NFP Report for October which showed 261K job additions and an unemployment rate of 4.1%. Private Payrolls for November are predicted to show 200K job additions and Manufacturing Payrolls 15K job additions. Forex traders can compare this to Private Payrolls for October which showed 252K job additions and Manufacturing Payrolls which showed 24K job additions. The Average Work Week for November is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for October which was reported at 34.4 hours. Average Hourly Earnings for November are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for October which were reported flat at 0.0% monthly and which increased by 2.4% annualized.
- US Wholesale Inventories and Trade Sales: Final US Wholesale Inventories for October are predicted to decrease by 0.1% monthly. Forex traders can compare this to previous US Wholesale Inventories for October which decreased by 0.4% monthly. US Wholesale Trade Sales for October are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Trade Sales for September which increased by 1.3% monthly.
- US Michigan Consumer Confidence: Preliminary US Michigan Consumer Confidence for December is predicted at 99.2. Forex traders can compare this to US Michigan Consumer Confidence for November which was reported at 98.5. Current Conditions for December are expected at 115.5 and Expectations are predicted at 90.6. Forex traders can compare this to Current Conditions for November which were reported at 113.5 and to Expectations which were reported at 88.9.
Should price action for the GBPUSD remain inside the or breakout above the 1.3460 to 1.3500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3480
- Take Profit Zone: 1.3650 – 1.3700
- Stop Loss Level: 1.3390
Should price action for the GBPUSD breakdown below 1.3460 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3420
- Take Profit Zone: 1.3250 – 1.3320
- Stop Loss Level: 1.3480
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