UK CBI Reported Sales for April are predicted at -45, and CBI Total Distributed Reported Sales are predicted at -40. Forex traders can compare this to UK CBI Reported Sales for March, which were reported at -3 and to CBI Total Distributed Reported Sales, which were reported at 5.
The US Advanced Goods Trade Balance for March is predicted at -$54.3B. Forex traders can compare this to the US Advanced Goods Trade Balance for February, which was reported at -$59.9B. The US S&P/Case-Shiller Composite 20 for February is predicted to increase by 0.40% monthly and by 3.15% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for January, which increased by 0.30% monthly and by 3.08% annualized. US Consumer Confidence for April is predicted at 87.2. Forex traders can compare this to US Consumer Confidence for March, which was reported at 1200. The US Richmond Fed Manufacturing Index for April is predicted at -38. Forex traders can compare this to the US Richmond Fed Manufacturing Index for March, which was reported at 2.
The GBP/USD forecast remains bullish after price action moved above the Senkou Span A and Senkou Span B, supported by fundamental factors. Forex traders will look forward to this week’s GDP and initial jobless claims data, which can keep the advance alive. A breakout above the Tenkan-sen is expected to allow this currency pair to move into its horizontal resistance area. 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 1.2400 to 1.2500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2460
- Take Profit Zone: 1.3100 – 1.3200
- Stop Loss Level: 1.2360
Should price action for the GBP/USD breakdown below 1.2400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2360
- Take Profit Zone: 1.2165 – 1.2245
- Stop Loss Level: 1.2400
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