Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for June is predicted at 2.3K and the Claimant Count Rate is predicted at 2.5%. Forex traders can compare this to the UK Jobless Claims Change for May which were reported at -7.7K and to the Claimant Count Rate which was reported at 2.5%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in May is predicted at 115K and the ILO Unemployment Rate is predicted at 4.2%. Forex traders can compare this to the UK Employment Change for April which was reported at 146K and to the ILO Unemployment Rate which was reported at 4.2%. Average Weekly Earnings for the tri-monthly period ending in May are predicted to increase by 2.5% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.7% annualized. Forex traders can compare this to Average Weekly Earnings for April which increased by 2.5% and Average Weekly Earnings Excluding Bonuses which increased by 2.8%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Industrial Production and Manufacturing Production: US Industrial Production for June is predicted to increase by 0.5% monthly and Manufacturing Production is predicted to increase by 0.6% monthly. Forex traders can compare this to US Industrial Production for May which decreased by 0.1% monthly and to Manufacturing Production which decreased by 0.7% monthly.Capacity Utilization for June is predicted at 78.2%. Forex traders can compare this to Capacity Utilization for May which was reported at 77.9%.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for July is predicted at 69. Forex traders can compare this to the US NAHB Housing Market Index for June which was reported at 68.
Should price action for the GBPUSD remain inside the or breakout above the 1.3215 to 1.3290 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3250
- Take Profit Zone: 1.4280 – 1.4375
- Stop Loss Level: 1.3050
Should price action for the GBPUSD breakdown below 1.3215 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3180
- Take Profit Zone: 1.2775 – 1.2850
- Stop Loss Level: 1.3250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
