Here are the key factors to keep in mind today for British Pound trades:
- UK Index of Services: UK Index of Services for December was reported flat at 0.0% monthly and increased by 0.6% for the three-month-over-three-month period ending in December. Economists predicted a flat reading of 0.0% monthly and an increase of 0.5% tri-monthly. Forex traders can compare this to the UK Index of Services for November which increased by 0.4% monthly by 0.4% for the three-month-over-three-month period ending in November.
- UK GDP: The UK Preliminary GDP for the fourth-quarter increased by 0.4% quarterly and by 1.4% annualized. Economists predicted an increase of 0.5% and of 1.5%. Forex traders can compare this to the third-quarter GDP which increased by 0.5% quarterly and by 1.5% annualized. Private Consumption for the fourth-quarter increased by 0.3% quarterly, Government Spending by 0.6% quarterly and Gross Fixed Capital Formation by 1.1% quarterly. Economists predicted an increase of 0.4%, 0.3% and of 0.5%. Forex traders can compare this to third-quarter Private Consumption which increased by 0.4% quarterly, to Government Spending which increased by 0.3% quarterly and to Gross Fixed Capital Formation which increased by 0.2% quarterly. UK Exports decreased by 0.2% quarterly and UK Imports increased by 1.5% quarterly. Economists predicted an increase of 0.2% and of 1.1%. Forex traders can compare this to third-quarter UK Exports which decreased by 0.7% quarterly and to UK Imports which increased by 1.1% quarterly. UK Total Business Investment for the fourth-quarter was reported flat at 0.0% quarterly and increased by 2.1% annualized. Economists predicted an increase of 0.4% and of 2.4%. Forex traders can compare this to the UK Total Business Investment for the third-quarter which increased by 0.5% quarterly and by 1.7% annualized.
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for February are predicted at 14 and CBI Total Distributed Reported Sales are predicted at 17. Forex traders can compare this to UK CBI Retailing Reported Sales for January which were reported at 12 and to CBI Total Distributed Reported Sales which were reported at 14.
Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of February 17th are predicted at 230K and US Continuing Claims for the week of February 10th are predicted at 1,935K. Forex traders can compare this to US Initial Jobless Claims for the week of February 10th which were reported at 230K and to US Continuing Claims for the week of February 3rd which were reported at 1,942K.
- US Leading Indicators: US Leading Indicators for January are predicted to increase by 0.7%. Forex traders can compare this to US Leading Indicators for December which decreased by 0.6%.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for February is predicted at 18. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for January which was reported at 16.
Should price action for the GBPUSD remain inside the or breakout above the 1.3875 to 1.3925 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3900
- Take Profit Zone: 1.4345 – 1.4400
- Stop Loss Level: 1.3765
Should price action for the GBPUSD breakdown below 1.3875 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3860
- Take Profit Zone: 1.3765 – 1.3800
- Stop Loss Level: 1.3900
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