Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for January is predicted to decrease by 0.7% monthly and to increase by 2.0% annualized. Forex traders can compare this to the UK CPI for December which increased by 0.2% monthly and by 2.1% annualized. The Core CPI for January is predicted to increase by 1.9% annualized and the CPI Including Housing Costs is predicted to increase by 1.9% annualized. Forex traders can compare this to Core CPI for December which increased by 1.9% annualized and to the CPI Including Housing Costs which increased by 2.0% annualized.
- UK PPI: The UK PPI Input for January is predicted to increase by 0.3% monthly and by 3.8% annualized. Forex traders can compare this to the UK PPI Input for December which decreased by 1.0% monthly and which increased by 3.7% annualized. The UK PPI Output for January is predicted flat at 0.0% monthly and to increase by 2.2% annualized. Forex traders can compare this to the UK PPI Output for December which decreased by 0.3% monthly and which increased by 2.5% annualized. The UK PPI Core Output for January is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the UK PPI Core Output for December which increased by 0.2% monthly and by 2.5% annualized.
- UK RPI: The UK RPI for January is predicted to decrease by 0.8% monthly and to increase by 2.6% annualized. Forex traders can compare this to the UK RPI for December which increased by 0.4% monthly and by 2.7% annualized. The UK RPI Excluding Mortgage Interest Payments for January is predicted to increase by 2.6% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for December which increased by 2.7% annualized.
- UK House Price Index: The UK House Price Index for January is predicted to increase by 2.5% annualized. Forex traders can compare this to the UK House Price Index for December which increased by 2.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for January is predicted to increase by 0.1% monthly and by 1.5% annualized. Forex traders can compare this to the US CPI for December which decreased by 0.1% monthly and which increased by 1.9% annualized. The US Core CPI for January is predicted to increase by 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the US Core CPI for December which increased by 0.2% monthly by 2.2% annualized.
- US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the fourth-quarter is predicted to increase by 1.2% quarterly and Unit Labor Costs are predicted to increase by 1.7% quarterly. Forex traders can compare this to US Non-Farm Productivity for the third-quarter which increased by 2.0% quarterly and to Unit Labor Costs which decreased by 0.9% quarterly.
- US Monthly Budget Statement: The US Monthly Budget Statement for December is predicted at -$11.0B. Forex traders can compare this to the US Monthly Budget Statement for November which was reported at -$204.9B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2885 to 1.2940 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2915
- Take Profit Zone: 1.3160 – 1.3215
- Stop Loss Level: 1.2835
Should price action for the GBPUSD breakdown below 1.2885 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2860
- Take Profit Zone: 1.2670 – 1.2710
- Stop Loss Level: 1.2915
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
