Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Nationwide House Prices for April decreased by 0.4% monthly and rose by 0.6% annualized. Economists predicted an increase of 0.2% and 1.2%. Forex traders can compare this to UK Nationwide House Prices for March, which decreased by 0.2% monthly and expanded by 1.6% annualized.
The final UK S&P500/CIPS Manufacturing PMI for April is predicted at 48.7. Forex traders can compare this to the March UK S&P500/CIPS Manufacturing PMI, reported at 50.3.
The US ADP Employment Change for April is predicted at 179K. Forex traders can compare this to the US ADP Employment Change for March, reported at 184K.
The Final US S&P Global Manufacturing PMI for April is predicted at 49.9. Forex traders can compare this to the March US S&P Global Manufacturing PMI, reported at 51.9.
US Construction Spending for March is predicted to rise 0.3% monthly. Forex traders can compare this to US Construction Spending for February, which decreased 0.3% monthly.
The US ISM Manufacturing Index for April is predicted at 50.0, and ISM Prices Paid at 55.5. Forex traders can compare this to the US ISM Manufacturing Index for March, reported at 50.3, and ISM Prices Paid at 55.8. Traders should also look for the ISM Employment Index and ISM New Orders.
US JOLTS Job Openings for March are predicted at 8.680M. Forex traders can compare this to US JOLTS Job Openings for February, reported at 8.756M.
US Crude Oil Inventories Change for the week ending April 26th are predicted to drop by 2.300M. Traders can compare this to US Crude Oil Inventories Change for the week ending April 19th, which plunged by 6.368M.
The US FOMC Interest Rate Decision is predicted to show interest rates at 5.50%. Forex traders can compare this to the previous US FOMC Interest Rate Decision, which showed interest rates at 5.50%.
The forecast for the GBP/USD is cautiously bullish, with price action trading above its flat Tenkan-sen but below its flat Kijun-sen. The descending Ichimoku Kinko Hyo Cloud provides bearish pressures, with the Senkou Span A and the Senkou Span B moving lower. Traders should also monitor the CCI following its double breakout from extreme oversold territory and above zero. This technical indicator has more upside potential and can extend the recent recovery. Can bulls maintain control over the GBP/USD and push this currency pair 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 1.2435 to 1.2505 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2475
- Take Profit Zone: 1.2705 – 1.2755
- Stop Loss Level: 1.2405
Should price action for the GBP/USD breakdown below 1.2435, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2405
- Take Profit Zone: 1.2300 – 1.2330
- Stop Loss Level: 1.2435
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