Here are the key factors to keep in mind today for British Pound trades:
- British Trade Balance: The British Visible Trade Balance for December was reported at -£10.890B. Economists predicted a figure of -£11.450B. Forex traders can compare this to the British Visible Trade Balance for November which was reported at -£11.550B. The British Trade Balance Non EU for December was reported at -£2.110B. Economists predicted a figure of -£3.300B. Forex traders can compare this to the British Trade Balance Non EU for November which was reported at -£2.970B. The British Total Trade Balance for December was reported at -£3.304B. Economists predicted a figure of -£3.500B. Forex traders can compare this to the British Total Trade Balance for November which was reported at -£3.559B.
- British Industrial Production and British Manufacturing Production: British Industrial Production for December increased by 1.1% monthly and by 4.3% annualized. Economists predicted an increase of 0.2% monthly of 3.2% annualized. Forex traders can compare this to British Industrial Production for November which increased by 2.0% monthly by 2.2% annualized. British Manufacturing Production for December increased by 2.1% monthly and by 4.0% annualized. Economists predicted an increase of 0.5% monthly and a decrease of 1.7% annualized. Forex traders can compare this to British Manufacturing Production for November which increased by 1.4% monthly and by 1.7% annualized.
- British Construction Output Seasonally Adjusted: British Construction Output Seasonally Adjusted for December increased by 1.8% monthly and by 0.6% annualized. Economists predicted an increase of 1.0% monthly and a decrease of 0.5% annualized. Forex traders can compare this to British Construction Output Seasonally Adjusted for November which increased by 0.4% monthly and by 1.8% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for January is predicted to increase by 0.4% monthly. Forex traders can compare this to the British 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 Import Price Index: The US Import Price Index for January is predicted to increase by 0.2% monthly and by 3.1% annualized. Forex traders can compare this to the US Import Price Index for December which increased by 0.4% monthly and by 1.8% annualized.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for February is predicted at 97.8. Forex traders can compare this to US Michigan Consumer Confidence for January which was reported at 98.5.
- US Monthly Budget Statement: The US Monthly Budget Statement for January is predicted at $40.0B. Forex traders can compare this to the US Monthly Budget Statement for December which was reported at -$27.5B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2475 to 1.2525 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2500
- Take Profit Zone: 1.3400 – 1.3450
- Stop Loss Level: 1.2375
Should price action for the GBPUSD breakdown below 1.2475 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2450
- Take Profit Zone: 1.1925 – 1.2000
- Stop Loss Level: 1.2525
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
