Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK S&P/CIPS Construction PMI for September is predicted at 53.1. Forex traders can compare this to the UK S&P/CIPS Construction PMI for August, reported at 53.6.
The US NFP Report for September is predicted to show 147K job additions and an unemployment rate of 4.2%. Forex traders can compare this to the US NFP Report for August, which showed 142K job additions and an unemployment rate of 4.2%. Private Payrolls for September are predicted to show 125K job additions and Manufacturing Payrolls 5K job losses. Forex traders can compare this to Private Payrolls for August, which showed 118K job additions, and Manufacturing Payrolls, which showed 24K job losses. The Average Work Week for September is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for August, reported at 34.3 hours. Average Hourly Earnings for September are expected to increase 0.3% monthly and 3.8% annualized. Forex traders can compare this to Average Hourly Earnings for August, which rose 0.4% monthly and 3.8% annualized.
The forecast for the GBP/USD turned cautiously bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting more short-term volatility ahead without clear bullish or bearish dominance. The ascending Senkou Span A and Senkou Span B of the Ichimoku Kinko Hyo Cloud provide medium-term upside momentum that could drag price action higher. Traders should also monitor the CCI in extreme oversold territory with fading downside momentum. A breakout in this technical indicator above -100 could spark the next leg higher. Can bulls regain control over the GBP/USD and push price action into its horizontal resistance area and fresh 2024 highs? 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 1.3090 to 1.3155 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3130
- Take Profit Zone: 1.3310 – 1.3390
- Stop Loss Level: 1.3040
Should price action for the GBP/USD break down below 1.3090, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3040
- Take Profit Zone: 1.2900 – 1.2940
- Stop Loss Level: 1.3090
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