Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final UK Markit/CIPS Services PMI for November is predicted at 45.8, and the Final UK Markit/CIPS Composite PMI is predicted at 47.4. Forex traders can compare this to the UK Markit/CIPS Services PMI for October, reported at 51.4, and to the UK Markit/CIPS Composite PMI, reported at 52.1.
US Initial Jobless Claims for the week of November 28th are predicted at 775K, and US Continuing Claims for the week of November 21st are predicted at 5,915K. Forex traders can compare this to US Initial Jobless Claims for the week of November 21st, which were reported at 778K, and to US Continuing Claims for the week of November 14th, which were reported at 6,071K.
The US ISM Non-Manufacturing PMI for November is predicted at 56.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for October, reported at 56.6. The ISM Non-Manufacturing Business Activity Index for November is predicted at 60.9. Forex traders can compare this to the ISM Non-Manufacturing Business Activity Index for October, reported at 61.2.
The forecast for the GBP/USD remains bullish after the Ichimoku Kinko Hyo Cloud started to slope higher. While the Kijun-sen is flat, the Tenkan-sen supports more upside. The UK is positioned to receive an economic boost following Brexit, which is priced out of the market. The CCI moved out of extreme overbought territory but lost downside momentum, pointing towards more upside. Can bulls rally the GBP/USD into its next horizontal support zone? 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 1.3320 to 1.3440 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3385
- Take Profit Zone: 1.3895 – 1.3965
- Stop Loss Level: 1.3285
Should price action for the GBP/USD breakdown below 1.3320 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3285
- Take Profit Zone: 1.3080 – 1.3145
- Stop Loss Level: 1.3320
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