Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for November is predicted to increase by 0.4% monthly and by 1.8% annualized. Forex traders can compare this to UK Industrial Production for October which was reported flat at 0.0% monthly and which increased by 3.6% annualized. UK Manufacturing Production for November is predicted to increase by 0.3% monthly and by 2.8% annualized. Forex traders can compare this to UK Manufacturing Production for October which increased by 0.1% monthly and by 3.9% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for November is predicted to increase by 0.7% monthly and to decrease by 1.0% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for October which decreased by 1.7% monthly and by 0.2% annualized.
- UK Trade Balance: The UK Visible Trade Balance for November is predicted at -£10.900B. Forex traders can compare this to the UK Visible Trade Balance for October which was reported at -£10.781B. The UK Trade Balance Non EU for November is predicted at -£2.550B. Forex traders can compare this to the UK Trade Balance Non EU for August which was reported at -£2.382B. The UK Total Trade Balance for November is predicted at -£1.500B. Forex traders can compare this to the UK Total Trade Balance for October which was reported at -£1.405B.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for December is predicted to increase by 0.5% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for November which increased by 0.5% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US Import Price Index and US Export Price: The US Import Price Index for December is predicted to decrease by 0.4% monthly and to increase by 3.0% annualized. Forex traders can compare this to the US Import Price Index for November which increased by 0.7% monthly and by 3.1% annualized. The US Import Price Index excluding Petroleum for December is predicted to increase by 0.1% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for November which increased by 0.1% monthly. The US Export Price Index for December is predicted to increase by 0.3% monthly and by 2.9% annualized. Forex traders can compare this to the US Export Price Index for November which increased by 0.5% monthly and by 3.1% annualized.
- US Wholesale Inventories and US Wholesale Trade Sales: Final US Wholesale Inventories for November are predicted to increase by 0.7% monthly. Forex traders can compare this to previous US Wholesale Inventories for November which increased by 0.7% monthly. US Wholesale Trade Sales for November are predicted to increase by 0.7% monthly. Forex traders can compare this to previous US Wholesale Trade Sales for November which increased by 0.7% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.3500 to 1.3540 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3520
- Take Profit Zone: 1.3835 – 1.4010
- Stop Loss Level: 1.3345
Should price action for the GBPUSD breakdown below 1.3500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3470
- Take Profit Zone: 1.3220 – 1.3280
- Stop Loss Level: 1.3520
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
