Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Jobless Claims Change for October was reported at -14.8K. Forex traders can compare this to the UK Jobless Claims Change for September, reported at -51.1K. UK Labor Productivity for the third quarter decreased 1.2% quarterly. Forex traders can compare this to UK Labor Productivity for the second quarter, which increased 0.1% quarterly.
The UK Employment Change for the tri-monthly period ending in September was reported at 247K, and the ILO Unemployment Rate at 4.3%. Economists predicted a reading of 185K and 4.4%. Forex traders can compare this to the UK Employment Change for August, reported at 235K, and the ILO Unemployment Rate reported at 4.5%. Average Weekly Earnings for the tri-monthly period ending in October increased 5.8% annualized, and Average Weekly Earnings Excluding Bonuses increased 4.9% annualized. Economists predicted an increase of 5.6% and 5.0%. Forex traders can compare this to Average Weekly Earnings for September, which increased 7.2%, and Average Weekly Earnings Excluding Bonuses, which increased 6.0%.
US Retail Sales for October are predicted to increase 1.2% monthly, and Core Retail Sales are predicted to increase 1.0% monthly. Forex traders can compare this to US Retail Sales for September, which increased 0.7% monthly, and Core Retail Sales, which increased 0.8% monthly. Retail Sales in the Control Group for October are predicted to increase 0.9% monthly. Forex traders can compare this to Retail Sales in the Control Group for September, which increased by 0.8% monthly.
The US Import Price Index for October is predicted to increase 1.0% monthly, and the US Export Price Index is predicted to increase 0.9% monthly. Forex traders can compare this to the US Import Price Index for September, which increased 0.4% monthly, and the US Export Price Index, which increased 0.1% monthly.
US Industrial Production for October is predicted to increase 0.7% monthly, and Manufacturing Production is predicted to increase 0.7% monthly. Forex traders can compare this to US Industrial Production for September, which decreased 1.3% monthly, and Manufacturing Production, which decreased 0.7% monthly. Capacity Utilization for October is predicted at 75.8%. Forex traders can compare this to Capacity Utilization for September, reported at 75.2%.
US Business Inventories for September are predicted to increase 0.6% monthly. Forex traders can compare this to US Business Inventories for August, which increased 0.6% monthly. The US NAHB Housing Market Index for November is predicted at 80. Forex traders can compare this to the US NAHB Housing Market Index for October, reported at 80.
The forecast for the GBP/USD turned bullish after price action bounced higher off its horizontal support area. Confirming the absence of selling pressure is the Kijun-sen and the Tenkan-sen. Both turned sideways while the Ichimoku Kinko Hyo Cloud narrowed with bulls and bears wrestling for directional control. Adding to bullish momentum is the CCI after its breakout above extreme oversold territory, with plenty of upside potential ahead. Can bulls expand their control over the GBP/USD and pressure price action 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 1.3400 to 1.3500 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3440
- Take Profit Zone: 1.3360 – 1.3700
- Stop Loss Level: 1.3350
Should price action for the GBP/USD breakdown below 1.3400, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3350
- Take Profit Zone: 1.3190 – 1.3245
- Stop Loss Level: 1.3400
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