Here are the key factors to keep in mind today for British Pound trades:
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for December are predicted at 41,000. Forex traders can compare this to UK BBA Loans for House Purchase for November which were reported at 40,659.
- UK Advanced GDP: The UK Advanced GDP for the fourth-quarter is predicted to increase by 0.5% quarterly and by 2.1% annualized. Forex traders can compare this to the UK Preliminary GDP for the fourth-quarter which increased by 0.6% quarterly and by 2.2% annualized.
- UK Index of Services: The UK Index of Services for November is predicted to increase by 0.2% monthly and by 0.9% monthly over three months. Forex traders can compare this to the UK Index of Services for October which increased by 0.3% monthly and by 1.0% monthly over three months.
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for January are predicted at 27 and CBI Total Distributed Reported Sales are predicted at 37. Forex traders can compare this to UK CBI Retailing Reported Sales for December which were reported at 35 and to CBI Total Distributed Reported Sales which were reported at 42.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for December is predicted at -$64.4B. Forex traders can compare this to the US Advanced Goods Trade Balance for November which was reported at -$65.3B.
- US Wholesale Inventories: US Wholesale Inventories for December are predicted to increase by 0.1% monthly. Forex traders can compare this to US Wholesale Inventories for November which increased by 1.0% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 21st are predicted at 245K and US Continuing Claims for the week of January 14th are predicted at 2040 K. Forex traders can compare this to US Initial Jobless Claims for the week of January 14th which were reported at 234K and US Continuing Claims for the week of December 31st which were reported at 2,046K.
- US Markit Services PMI and Markit Composite PMI: The US Preliminary Markit Services PMI for January is predicted at 54.5 and the Markit Composite PMI at 54.3. Forex traders can compare this to the US Markit Services PMI for December which was reported at 53.9 and to the US Markit Composite PMI which was reported at 54.1.
- US New Home Sales: US New Home Sales for December are predicted to decrease by 1.2% monthly to 585K new homes. Forex traders can compare this to US New Home Sales for November which increased by 5.2% monthly to 592K new homes.
- US Leading Indicators: US Leading Indicators for December are predicted to increase by 0.5% monthly. Forex traders can compare this to US Leading Indicators for November which were reported flat at 0.0% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2625 to 1.2675 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2650
- Take Profit Zone: 1.3400 – 1.3450
- Stop Loss Level: 1.2400
Should price action for the GBPUSD breakdown below 1.2625 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2575
- Take Profit Zone: 1.1925 – 1.2000
- Stop Loss Level: 1.2675
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
