Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Employment Change for the tri-monthly period ending in January is predicted at -167K, and the ILO Unemployment Rate is predicted at 5.2%. Forex traders can compare this to the UK Employment Change for December, reported at -114K, and to the ILO Unemployment Rate, reported at 5.1%. Average Weekly Earnings for the tri-monthly period ending in January are predicted to increase by 4.9% annualized, and Average Weekly Earnings Excluding Bonuses are predicted to increase by 4.4% annualized. Forex traders can compare this to Average Weekly Earnings for December, which increased by 4.7%, and Average Weekly Earnings Excluding Bonuses, which increased by 4.1%. UK CBI Industrial Industrial Trends Orders for March are predicted at -20. Forex traders can compare this to CBI Industrial Trends Orders for February, reported at -24.
The US Current Account Balance for the fourth quarter is predicted at -$189.9B. Forex traders can compare this to the US Current Account Balance for the third quarter, reported at -$178.5B. US New Home Sales for February are predicted to decrease by 6.5% monthly to 875K new homes. Forex traders can compare this to US New Home Sales for January, which increased by 4.3% monthly to 923K new homes.
The forecast for the GBP/USD is turning bullish again following its most recent correction, supported by its ascending Ichimoku Kinko Hyo Cloud. Traders must remain patient as volatility may increase after the Kijun-sen and Tenkan-sen flatlined. The CCI may briefly dip into extreme oversold territory before staging a reversal, and traders should wait for it. Can bulls gather enough strength to force the GBP/USD back 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 1.3780 to 1.3875, zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3830
- Take Profit Zone: 1.4180 – 1.4225
- Stop Loss Level: 1.3700
Should price action for the GBP/USD breakdown below 1.3780, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3700
- Take Profit Zone: 1.3560 – 1.3610
- Stop Loss Level: 1.3780
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