Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for December are predicted at 5.0K and the Claimant Count Rate is predicted at 2.3%. Forex traders can compare this to UK Jobless Claims Change for for November which were reported at 2.4K and to the Claimant Count Rate which was reported at 2.3%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in November is predicted at -35K and the ILO Unemployment Rate at 4.8%. Forex traders can compare this to the UK Employment Change for the tri-monthly period ending October which was reported at -6K and to the ILO Unemployment Rate which was reported at 4.8%. Average Weekly Earnings for the tri-monthly period ending in November are predicted to increase by 2.6% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.6% annualized. Forex traders can compare this to Average Weekly Earnings for the tri-monthly period ending in October which increased by 2.5% and Average Weekly Earnings Excluding Bonuses which increased by 2.6%.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI: The US CPI for December is predicted to increase by 0.3% monthly and by 2.1% annualized. Forex traders can compare this to the US CPI for November which increased by 0.2% monthly and by 1.7% annualized. The US Core CPI for December is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core CPI for November which increased by 0.2% monthly and by 2.1% annualized.
- US Industrial Production and Manufacturing Production: US Industrial Production for December is predicted to increase by 0.6% monthly and Manufacturing Production is predicted to increase by 0.5% monthly. Forex traders can compare this to US Industrial Production for November which decreased by 0.4% monthly and to Manufacturing Production which decreased by 0.1% monthly.Capacity Utilization for December is predicted at 75.4%. Forex traders can compare this to Capacity Utilization for November which was reported at 75.0%.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for January is predicted at 69. Forex traders can compare this to the US NAHB Housing Market Index for December which was reported at 70.
Should price action for the GBPUSD remain inside the or breakout above the 1.2325 to 1.2375 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2350
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.2200
Should price action for the GBPUSD breakdown below 1.2325 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2275
- Take Profit Zone: 1.1925 – 1.2000
- Stop Loss Level: 1.2375
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
