Here is key factor to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for January are predicted to increase by 0.6% monthly and by 2.4% annualized. Forex traders can compare this to UK Retail Sales for December which decreased by 1.6% monthly and which increased by 1.3% annualized. UK Retail Sales Including Auto and Fuel for January are predicted to increase by 0.6% monthly and by 2.5% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for December which decreased by 1.5% monthly and which increased by 1.4% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Import Price Index and US Export Price Index: The US Import Price Index for January is predicted to increase by 0.6% monthly and by 3.0% annualized. Forex traders can compare this to the US Import Price Index for December which increased by 0.1% monthly and by 3.0% annualized. The US Import Price Index excluding Petroleum for January is predicted to increase by 0.1% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for December which decreased by 0.2% monthly. The US Export Price Index for January is predicted to increase by 0.3% monthly and by 2.8% annualized. Forex traders can compare this to the US Export Price Index for December which decreased by 0.1% monthly and which increased by 2.6% annualized.
- US Housing Starts and Building Permits: US Housing Starts for January are predicted to increase by 3.4% monthly to 1,232K starts and Building Permits are predicted flat at 0.0% monthly at 1,300K permits. Forex traders can compare this to US Housing Starts for December which decreased by 8.2% monthly to 1,192K starts and to Building Permits which decreased by 0.1% monthly to 1,302K permits.
- US Michigan Consumer Confidence: Preliminary US Michigan Consumer Confidence for February is predicted at 95.5. Forex traders can compare this to US Michigan Consumer Confidence for January which was reported at 95.7. Current Conditions for February are expected at 111.7 and Expectations are predicted at 87.1. Forex traders can compare this to Current Conditions for January which were reported at 110.5 and to Expectations which were reported at 86.3.
Should price action for the GBPUSD remain inside the or breakout above the 1.4100 to 1.4160 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4130
- Take Profit Zone: 1.4345 – 1.4400
- Stop Loss Level: 1.4070
Should price action for the GBPUSD breakdown below 1.4100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4070
- Take Profit Zone: 1.3835 – 1.3890
- Stop Loss Level: 1.4130
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
