Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Public Sector Net Borrowing for March is predicted at £22.94B, and UK Public Sector Net Borrowing excluding Banking Groups at £3.96B. Forex traders can compare this to UK Public Sector Net Borrowing for February, reported at £15.86B, and to UK Public Sector Net Borrowing excluding Banking Groups at -£0.23B.
UK CBI Industrial Industrial Trends Orders for April are predicted at -20. Forex traders can compare this to CBI Industrial Trends Orders for March, reported at -20.
The US House Price Index for February is predicted to contract by 0.1% monthly and increase by 3.9% annualized. Forex traders can compare this to US House Price Index for January, which rose by 0.2% monthly and 5.3% annualized.
The US S&P/Case-Shiller Composite 20 for February is predicted to decrease by 0.70% monthly and increase by 0.10% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for January, which rose 0.60% monthly and 2.50% annualized.
US Building Permits for March are predicted to decrease 8.8% monthly to 1,413K permits. Forex traders can compare this to US Building Permits for February, which surged 15.8% monthly to 1,550K permits.
The US Richmond Fed Manufacturing Index for April is predicted at 4. Forex traders can compare this to the US Richmond Fed Manufacturing Index for March, reported at -5. The US Richmond Fed Services Index for April is predicted at 2. Forex traders can compare this to the US Richmond Fed Services Index for March, reported at -17.
The US Dallas Fed Manufacturing Activity Index for April is predicted at 4.0. Forex traders can compare this to the US Dallas Fed Manufacturing Activity Index for March, reported at 5.5. The Texas Services Sector Outlook for April is predicted at -16.0. Forex traders can compare this to the Texas Services Sector Outlook for March, reported at -18.0.
The forecast for the GBP/USD remains cautiously bullish as bulls and bears square off at a key horizontal resistance area, which includes its 2023 high. Adding to the bullish momentum is the Ichimoku Kinko Hyo Cloud, with the Senkou Span A and the Senkou Span B moving higher and the ascending Kijun-sen. The Tenkan-sen flatlined, suggesting volatility could increase before the next move develops. Traders should also monitor the CCI in extreme overbought territory. A breakdown could precede the next push higher, but bullish pressures remain as long as this technical indicator stays above zero. Can bulls push the GBP/USD into a breakout and fresh 2023 high? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/USD remain inside the or breakout above the 1.2450 to 1.2510 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2480
- Take Profit Zone: 1.2665 – 1.2770
- Stop Loss Level: 1.2390
Should price action for the GBP/USD breakdown below 1.2450, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2390
- Take Profit Zone: 1.2275 – 1.2300
- Stop Loss Level: 1.2450
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