The UK Employment Change for the tri-monthly period ending in March was reported at 211K, and the ILO Unemployment Rate was reported at 3.9%. Economists predicted a reading of 50K and 4.4%. Forex traders can compare this to the UK Employment Change for February, which was reported at 172K and to the ILO Unemployment Rate, which was reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in March increased by 2.4% annualized, and Average Weekly Earnings Excluding Bonuses increased by 2.7% annualized. Economists predicted an increase of 2.6% and 2.6%. Forex traders can compare this to Average Weekly Earnings for February, which increased by 2.8% and to Average Weekly Earnings Excluding Bonuses, which increased by 2.9%. The UK Jobless Claims Change for April was reported at 856.5K. Economists predicted a figure of 676.5K. Forex traders can compare this to the UK Jobless Claims Change for March, which was reported at 12.1K.
US Housing Starts for March are predicted at 927K starts, and Building Permits are predicted at 1,000K permits. Forex traders can compare this to US Housing Starts for March, which were reported at 1,216K starts and to Building Permits, which were reported at 1,350K permits.
The GBP/USD turned bullish after this morning’s UK employment report for March. Price action recovered from yesterday’s low and is now expected to move through the Ichimoku Kinko Hyo cloud. A successful breakout will allow this currency pair to move into its next horizontal resistance area. Will today’s US housing data provide bulls with an incentive to rally? 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 1.2180 to 1.2280 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2230
- Take Profit Zone: 1.2645 – 1.2730
- Stop Loss Level: 1.2100
Should price action for the GBP/USD breakdown below 1.2180 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2100
- Take Profit Zone: 1.1715 – 1.1775
- Stop Loss Level: 1.2180
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