Source: PaxForex Premium Analytics Portal, Fundamental Insight

The UK Jobless Claims Change for May was reported at 528.9K. Economists predicted a figure of 400.0K. Forex traders can compare this to the UK Jobless Claims Change for April, which was reported at 1,032.7K. The UK Employment Change for the tri-monthly period ending in April was reported at 6K, and the ILO Unemployment Rate was reported at 3.9%. Economists predicted a reading of -83K and 4.7%. Forex traders can compare this to the UK Employment Change for March, which was reported at 211K and to the ILO Unemployment Rate, which was reported at 3.9%. Average Weekly Earnings for the tri-monthly period ending in April increased by 1.0% annualized, and Average Weekly Earnings Excluding Bonuses increased by 1.7% annualized. Economists predicted an increase of 1.4% and 1.9%. Forex traders can compare this to Average Weekly Earnings for March, which increased by 2.3% and to Average Weekly Earnings Excluding Bonuses, which increased by 2.7%.

US Advanced Retail Sales for May are predicted to increase by 8.0% monthly, and Retail Sales Less Autos are predicted to increase by 5.4% monthly. Forex traders can compare this to US Advanced Retail Sales for April, which decreased by 16.4% monthly and to Retail Sales Less Autos, which decreased by 17.2% monthly. Retail Sales Control Group are predicted to increase by 4.7% monthly. Forex traders can compare this to Retail Sales Control Group for April, which decreased by 15.3% monthly.

US Industrial Production for May is predicted to increase by 2.9% monthly, and Manufacturing Production is predicted to increase by 4.6% monthly. Forex traders can compare this to US Industrial Production for April, which decreased by 11.2% monthly, and to Manufacturing Production, which decreased by 13.7% monthly. Capacity Utilization for May is predicted at 66.9%. Forex traders can compare this to Capacity Utilization for April, which was reported at 64.9%.

US Business Inventories for April are predicted to decrease by 0.8% monthly. Forex traders can compare this to US Business Inventories for March, which decreased by 0.2% monthly. The US NAHB Housing Market Index for June is predicted at 45. Forex traders can compare this to the US NAHB Housing Market Index for May, which was reported at 37.

The GBP/USD forecast remains bullish, with today’s US retail sales in focus. A rebound fro April’s devastating slump is expected, but the data could disappoint. States that reopened aggressively to boost economic data have reported a record surge in new Covid-19 infections. Price action bounced higher after reaching its Kijun-sen, located just above the Ichimoku Kinko Hyo Cloud. Will today’s data allow bulls to force more upside? 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 1.2585 to 1.2685 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.2615
• Take Profit Zone: 1.3075 – 1.3200
• Stop Loss Level: 1.2455

Should price action for the GBP/USD breakdown below 1.2585 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2455
• Take Profit Zone: 1.2075 – 1.2165
• Stop Loss Level: 1.2585

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