Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Public Sector Net Borrowing for September is predicted at £14.75B. Forex traders can compare this to UK Public Sector Net Borrowing for August, reported at £19.78B. UK CBI Industrial Industrial Trends Orders for October are predicted at 18. Forex traders can compare this to CBI Industrial Trends Orders for September, reported at 22.
US Initial Jobless Claims for the week of October 16th are predicted at 300K, and US Continuing Claims for the week of October 9th are predicted at 2550K. Forex traders can compare this to US Initial Jobless Claims for the week of October 9th, reported at 293K, and US Continuing Claims for the week of October 2nd, reported at 2,593K.
The Philadelphia Fed Manufacturing Index for October is predicted at 25.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for September, reported at 30.7. US Existing Home Sales for September are predicted to increase 3.6% monthly to 6.09M. Forex traders can compare this to US Existing Home Sales for February, which decreased 2.0% monthly to 5.88M. The US Leading Index for September is predicted to increase 0.4% monthly. Forex traders can compare this to the US Leading Index for August, which increased 0.9% monthly.
The forecast for the GBP/USD remains bullish despite its most recent rally into resistance, but a minor retreat could precede the next leg higher. After price action pushed above its Ichimoku Kinko Hyo Cloud, which resumes its marginal downtrend, the Kijun-sen and the Tenkan-sen flatlined. The CCI started to drift lower inside extreme overbought territory, and traders should wait for a breakdown and reversal before adding buy orders in this currency pair. Can bulls maintain upside pressures in the GBP/USD and force 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 1.3775 to 1.3850 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3815
- Take Profit Zone: 1.4135 – 1.4200
- Stop Loss Level: 1.3700
Should price action for the GBP/USD breakdown below 1.3775, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3700
- Take Profit Zone: 1.3410 – 1.3515
- Stop Loss Level: 1.3775
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
