Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final UK S&P Global/CIPS Services PMI for December is predicted at 50.0, and the Final UK S&P Global/CIPS Composite PMI at 49.0. Forex traders can compare this to the UK S&P Global/CIPS Services PMI for November, reported at 48.8, and the UK S&P Global/CIPS Composite PMI at 48.2.
The US ADP Employment Change for December is predicted at 150K. Forex traders can compare this to the US ADP Employment Change for November, reported at 127K.
US Initial Jobless Claims for the week of December 31st are predicted at 225K, and US Continuing Claims for the week of December 24th are predicted at 1,708K. Forex traders can compare this to US Initial Jobless Claims for the week of December 24th, reported at 225K, and US Continuing Claims for the week of December 17th, reported at 1,710K.
The US Trade Balance for November is predicted at -$73.00B. Forex traders can compare this to the US Trade Balance for October, reported at -$78.20B.
The Final US S&P Global Composite PMI for December is predicted at 44.6, and the Final US S&P Global Services PMI at 44.4. Forex traders can compare this to the US S&P Global Composite PMI for November, reported at 46.4, and to the US S&P Global Services PMI at 46.2.
US Crude Oil Inventories for the week ending December 30th are predicted at 1.154M. Traders can compare this to US Crude Oil Inventories for the week ending December 23rd, reported at 0.718M. US Gasoline Inventories for the week ending December 30th are predicted at -0.486M, and US Distillate Stocks at -0.396M. Traders can compare this to US Gasoline Inventories for the week ending December 23rd, reported at -3.105M, and US Distillate Stocks at 0.282M. Weekly Refinery Utilization Rates for the week ending December 30th dropped 2.9% week-over-week. Forex traders can compare this to Weekly Refinery Utilization Rates for the week ending December 23rd, which increased 1.1% week-over-week.
US Natural Gas Inventories for the week ending December 30th are predicted at -228B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending December 23rd, reported at -213B cubic feet.
The forecast for the GBP/USD turned bullish after this currency pair corrected into its ascending Ichimoku Kinko Hyo Cloud. Short-term volatility could increase after the Senkou Span A and the Senkou Span B flatlined until they resume their expected uptrend. The sideways trending Kijun-sen and Tenkan-sen suggest bulls and bears will face off before the next directional move unfolds. Traders should monitor the CCI after it recorded a higher low in extreme oversold territory followed by a breakout. A move above the zero level could trigger the next wave of buy orders in this currency pair. Can bulls overpower bears and pressure the GBP/USD 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 1.1955 to 1.2125 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2045
- Take Profit Zone: 1.2445 – 1.545
- Stop Loss Level: 1.1900
Should price action for the GBP/USD breakdown below 1.1955, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1900
- Take Profit Zone: 1.1730 – 1.1810
- Stop Loss Level: 1.1955
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