Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Markit/CIPS Services PMI for February is predicted at 49.7, and the UK Markit/CIPS Composite PMI is predicted at 49.8. Forex traders can compare this to the UK Markit/CIPS Services PMI for January, reported at 39.5, and to the UK Markit/CIPS Composite PMI, reported at 41.2.
The US ADP Employment Change for February is predicted at 177K. Forex traders can compare this to the US ADP Employment Change for January, reported at 174K. The Preliminary US Markit Services PMI for February is predicted at 58.9. Forex traders can compare this to the US Markit Services PMI for January, reported at 58.3. The Preliminary US Markit Composite PMI for February is predicted at 58.8. Forex traders can compare this to the US Markit Composite PMI for January, reported at 58.7. The US ISM Non-Manufacturing PMI for February is predicted at 58.7. Forex traders can compare this to the US ISM Non-Manufacturing PMI for January, reported at 58.7. The ISM Non-Manufacturing Business Activity Index for February is predicted at 60.0. Forex traders can compare this to the ISM Non-Manufacturing Business Activity Index for January, reported at 59.9.
The forecast for the GBP/USD remains bullish after the most recent retreat kept upside pressures alive. After this currency pair briefly moved below its flat Kijun-sen, it reversed, and bullish momentum remains strong. The ascending Ichimoku Kinko Hyo Cloud supports more upside, but traders must wait for price action to move above its ascending Kijun-sen. The CCI also started to stabilize and slope higher, pointing towards more significant gains. Will bulls rally the GBP/USD into its next 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 1.3895 to 1.3985 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3940
- Take Profit Zone: 1.4180 – 1.4225
- Stop Loss Level: 1.3855
Should price action for the GBP/USD breakdown below 1.3895 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3855
- Take Profit Zone: 1.3685– 1.3775
- Stop Loss Level: 1.3895
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
